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UK Funds

The UK Governments is carrying out a review of the UK funds regime, covering tax and relevant areas of regulation.

Publications

Response to HMT and HMRC consultation on draft Co-ownership Contractual Schemes (Tax) Regulations 2024  

Last updated on 28 May 2024

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.

INREV response to Commission’s call for evidence on Commercial Real Estate Statistics  

Last updated on 14 Jan 2024

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.

INREV response to HMT and HMRC Reserved Investor Fund Consultation  

Last updated on 13 Nov 2023

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.

FCA DP 23/2: Updating and improving the UK regime for asset management  

Last updated on 09 Oct 2023

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

INREV response to follow-up questions on sovereign immunity reform  

Last updated on 13 Nov 2023

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.

HMT consultation on sovereign immunity from direct taxation  

Last updated on 13 Jan 2023

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.

INREV response to the HMT consultation on the Residential Property Developer Tax (RPDT)  

Last updated on 16 Jan 2023

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.

INREV, AREF and BPF joint proposal on UK AIFMD External Valuer Liability  

Last updated on 16 Jan 2023

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”.

Opportunities in the UK Funds Review Briefing  

Last updated on 13 Nov 2023

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.

INREV responds to HMT Consultation on AHCs in Alternative Investment Funds  

Last updated on 13 Nov 2023

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.

INREV response to consultation on disposals of assets by non-UK residents  

Last updated on 16 Jan 2023

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.