PAIF Definition

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GLOSSARY

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What does PAIF mean?

A PAIF is an open-ended investment company (OEIC), which: • has a business portfolio comprising predominantly real property or shares in UK REITs or non-UK REIT-type entities • meets a number of other conditions as to its ownership, funding and business activities, and • has notified HMRC that it wishes to be subject to the PAIF regime Authorised investment funds in general are not restricted to OEICs, so an authorised investment fund which is not an OEIC (eg, one which is an authorised unit trust (AUT)) must first convert to an OEIC—an AUT cannot qualify as a PAIF.

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Wales: Land transaction tax (LTT)—particular transactions and taxpayers

Wales: Land transaction tax (LTT)—particular transactions and taxpayers Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note summarises how LTT applies to particular transactions where the LTT treatment is different from SDLT, including: • residential leases • mixed use claims—garden and grounds • leases held over after their contractual termination date • multiple dwellings relief (MDR) • cross border transactions including cross title properties • anti-avoidance and the LTT targeted anti-avoidance rule (TAAR) and the general anti-avoidance rule (GAAR) • property authorised investment funds (PAIFs) and co-ownership authorised contractual schemes (CoACS) • partnerships, and • Brexit Where relevant, comparisons between LTT and SDLT are highlighted. This Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. Residential...

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