The last 16 years have seen major changes in the UK property funds landscape, with first an elective tax regime for open-ended investment companies mirroring the Real Estate Investment Trust (REIT) regime. Next, Co-ownership Authorised Contractual Schemes were developed with specific tax rules to facilitate property funds. More recently, the emphasis has been on the closed-ended vehicle side, with cumulatively transformative REITs changes facilitating their use as institutional property fund vehicles. Last year saw the regulatory development of long-term asset funds, which are now launching for both direct but importantly also indirect property investments (funds of funds). Looking forward, we may see unauthorised contractual schemes too.
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The last 16 years have seen major changes in the UK property funds landscape, with first an elective tax regime for open-ended investment companies mirroring the Real Estate Investment Trust (REIT) regime. Next, Co-ownership Authorised Contractual Schemes were developed with specific tax rules to facilitate property funds. More recently, the emphasis has been on the closed-ended vehicle side, with cumulatively transformative REITs changes facilitating their use as institutional property fund vehicles. Last year saw the regulatory development of long-term asset funds, which are now launching for both direct but importantly also indirect property investments (funds of funds). Looking forward, we may see unauthorised contractual schemes too.
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