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Authorised contractual schemes and PAIFs - SDLT

  • United Kingdom
  • Real estate finance - Real estate briefing
  • Financial institutions


The Chancellor’s Autumn Statement contained the following stamp duty land tax announcement regarding the tax-free seeding of PAIFs and also the creation of a suitable regime for co-ownership authorised contractual schemes. These are things we have lobbied heavily for and the announcement is basically good news for the industry. The timing is disappointing though, and AREF intends to lobby for the start date to be brought forward.

2.123 Application of Stamp Duty Land Tax on certain authorised property funds

As part of the Investment Management Strategy, the government intends to introduce a seeding relief for property authorised investment funds (PAIFs) and co-ownership authorised contractual schemes (CoACSs) and intends to make changes to the SDLT treatment of CoACSs investing in property so that SDLT does not arise on the transactions in units, subject to the resolution of potential avoidance issues. Any changes will be legislated for in Finance Bill 2016.

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