PAIF paper released by Treasury

In working towards the launch of a new tax regime for PAIFs by April 2008, the paper aims to provide partial draft regulations, invite comment from interested parties and set out the next steps. The paper’s proposals level the playing field with Real Estate Investment Trusts (UK-REITs) and include a requirement for existing PAIFs to convert to OEICs, in order that they may benefit from the new tax regime. The Treasury is also committed to relieving funds of the Stamp Duty Land Tax that they would otherwise incur on converting. Commenting, Julie Patterson, Director of Regulation,...