Property authorised investment funds (‘PAIFs’) are UK regulated funds that are tax-efficient for most categories of UK investor seeking a pooled UK property investment. They compare reasonably favourably with the other available UK property fund vehicles. They have been slow to take off, both because of the condition of the UK property market, but also because they require administrators to make systems changes, as well as fund supermarkets in the case of widely held retail funds. We are likely to see an increasing number of PAIFs in the medium term, however, notwithstanding the technical issues they throw up.
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