UK Funds Review

On 11 December, INREV filled its response to the UK HMT Call for Evidence on Financial Services Growth & Competitiveness Strategy welcoming the Government’s efforts to create a regulatory and market environment that fosters growth, competitiveness, and sustainability.

On 8 May, INREV filled a response to the HMT and HMRC consultation on draft Co-ownership Contractual Schemes (Tax) Regulations supporting the Reserved Investor Fund (RIF) Contractual Scheme and welcoming the choice it will give institutional investors, among others, to invest through a UK domiciled and regulated unauthorised closed end vehicle.

On 21 December, INREV filed its response to a Commission’s call for evidence on real estate statistics arguing that the regulation would fill a significant gap in the availability of statistical information on commercial real estate and would ultimately lead to more informed analysis and recommendations.

Download INREV’s position paper on FCA discussion paper on updating and improving the UK regime for asset management

Download INREV’s position paper on HMT and HMRT Reserved Investor Fund consultation

Download INREV’s position paper on HMT consultation on VAT treatment of fund management services

Download INREV’s position paper on Sovereign Immunity reform

Download INREV's latest snapshot on a new closed end Reserved Investor Fund (RIF) for institutional investors.

On 1 June, INREV submitted its response to HMT and HMRC consultation on Reserved Investor Fund (RIF). We urged priority being given to deliverables including the government assessing the Consultation responses and issuing a formal response. We also asked for more clarity as to when RIFs can be launched.

On 12 May, INREV filed its response to the FCA Discussion Paper 23/2 on updating and improving the UK regime for asset management.  

On 23 January, INREV filed a follow-up response to HMT consultation on Sovereign immunity from direct taxation. We argued that a number of aspects of the new statutory definition require clarification. Read the response to learn more.

On 3 February, INREV filed a response to a joint consultation from HM Treasury and HMRC on the VAT treatment of fund management services. Click here to read more.

Download the latest snapshot on HMT sovereign immunity from direct taxation consultation to get an overview of the proposed changes that would directly impact sovereigns investors and indirectly affect real estate investment managers and sovereigns’ joint venture partners.

A joint INREV/AREF/IPF briefing where we looked at the UK government's progress with significant legislative improvements for the real estate funds sector that includes LTAF, QAHC, REIT and the PIF contractual scheme.

Download the response INREV submitted to the UK re-domiciliation consultation recommending the creation of both an inward and outward re-domiciliation regime that could be extended to non-corporates.

Melville Rodrigues, Head – Real Estate Advisory for Apex Group in London, presented on recent developments related to the LTAF.

On 14 July, INREV filed a response to the HMT consultation on the Residential Property Developer Tax (RPDT). INREV urges HMT to keep investment asset classes such as BTR and PBSA outside the scope of the RPDT.

On 25 June, INREV filed a response to FCA CP21-12 Long-Term Asset Funds. Download the response to learn more.

Greg Brown and Paul Sampson, partners in Allen & Overy’s London office, presents on trends and considerations in fund financing.

On 7 May, INREV, together with AREF and BPF submitted a joint proposal to the UK Financial Conduct Authority on UK AIFMD External Valuer Liability. The submission proposed raising the threshold for unlimited liability of external valuers from “negligence” to “serious error”.

On 19 April, INREV filed a response to the UK Funds Review supporting proposals for new fund structures, the PIF and LTAF, along with an unlisted REIT, and appropriate tax treatments.

A joint INREV/AREF/IPF briefing where we looked at the details of the proposed new PIF (CS) and LTAF fund structures and the implications they could have for the real estate funds sector, as well other aspects of the call for important input on this consultation.

On 22 February, INREV filed a response to the HMT consultation on AHCs in Alternative Investment Funds. We proposed that this consultation only progresses to the next stage of proposed AHC legislation when there is a consensus on key policy goals between HMT, HMRC and industry.

On 2 November, INREV filed a response to a FCA consultation by the UK FCA that proposes redemption waiting periods for authorised open-end funds.

On 18 August, INREV filed its response to a consultation on  tax treatment of Asset Holding Companies  in UK. We argued that a clear and well considered definition of alternative funds and AHCs would need to be introduced.

On 30 August, INREV filed a response to the HMRC consultation on Disposals of assets by non-UK residents and payments on account. Developed with support by the tax committee, the response focuses on capital gains taxation of property held by non-resident investors accruing after April 2019 and is closely aligned with views of the BPF.