The regime for property authorised investment funds (PAIFs) applies to UK open-ended investment companies (OEICs) which, on entry:
and thereafter continue to satisfy those conditions throughout any particular period of account.
This Practice Note looks at the detail of the conditions which must be met for the PAIF regime to apply.
The PAIF regime as a whole is covered in summary in Practice Note: Property authorised investment funds (PAIFs)—summary.
Other aspects of the regime are examined in Practice Notes:
For details of the consequences of breaches of the conditions and the tax effects of exit from the regime, see Practice Note: Property authorised investment funds (PAIFs)—breach of the conditions and exit.
There is a good deal of overlap between the PAIF
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Martin Shah
Martin is a partner in the corporate tax group at Simmons & Simmons. His broad based practice encompasses financial markets, corporate, real estate (including structured real estate) and commercial work, with an emphasis on clients in the asset management & investment funds and financial institutions sectors. His focus includes advising on funds and other investment products, together with structural tax issues for asset management, banking and insurance clients.
Martin leads the financial services tax practice which won European Financial Services Tax Team of the Year at the International Tax Review European Awards in 2011 and 2013. He is rated in the latest Legal 500 and Chambers directories ("very strong" in his defence of clients’ interests and can be relied upon to be "robust in difficult circumstances") for corporate tax and endorsed by PLC Which Lawyer?.
Martin is a regular participant at the Investment Management Association and Alternative Investment Management Association, and a member of AIMA’s Tax Committee. He also led the AIMA working group on the European Savings Directive. Martin is a member of the Tax Committee of the Law Society of England and Wales and chairs its VAT and Duties Sub-Committee.
