.png)
.png)
Draft statutory instrument published
Following consultation with the Association of Real Estate Funds (AREF), and managers of authorised investment funds wishing to convert to the special tax regime for property authorised investment funds (PAIFs), HMRC have published a draft statutory instrument to make the required changes.
To assist with conversion to the PAIF tax regime, the tax regulations applying to such funds will be amended to allow investors to exchange their units in a dedicated feeder fund for units in the investment fund and vice versa, in specified circumstances, without incurring a charge to tax on capital gains at the time of the exchange.
Comments on the draft are should be emailed to HMRC via their website by 11 May 2012.
