Martin Shah

This Practice Note explains how an authorised investment fund (AIF) may qualify as a tax elected fund (TEF), the procedure for seeking such status, the consequences for the fund and its participants of qualification as a TEF and certain related compliance matters. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note provides an overview of a number of practical considerations relating to the VAT exemption for the management of special investment funds. This Practice Note is produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP.

This Practice Note considers the consequences of breaches of the various conditions for the property authorised investment funds (PAIF) regime, and the tax consequences of exit from the regime. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note considers the requirements on property authorised investment funds (PAIFs) to submit corporation tax returns and accompanying documents, to withhold tax from distributions and account for it to HMRC and to provide statements to recipients of distributions showing the amount of tax withheld. It also considers the position in the event that the PAIF pays a distribution free from withholding when withholding was, in fact, required. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note broadly outlines the rules applicable to property authorised investment funds (PAIFs). It briefly considers what PAIFs are, the intention behind the PAIFs regime, the conditions for the regime to apply, as well as the taxation of PAIFs and their investors. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note considers the tax treatment of distributions made by a property authorised investment fund (PAIF) in the hands of participants. It looks at the allocation of distributions between three types of income and the tax consequences of each for different types of investor. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note considers the taxation treatment of a Property Authorised Investment Fund (PAIF), including the division of its business into tax-exempt and residual parts, and the tax rules which apply to each of them. It also considers the rules which can impose a specific tax charge to counter avoidance situations or breaches of the PAIF code, and the VAT rules as they apply to PAIFs. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note looks at the conditions that an open-ended investment company (OEIC) must meet for entry to the property authorised investment fund (PAIF) regime and to benefit from its continued application. The main six conditions are: the property investment business condition, the genuine diversity of ownership condition, the corporate ownership condition, the loan creditor condition, the balance of business conditions and the notification condition. An additional condition testing excess financing costs applies to any PAIF that is also a qualified investor scheme (QIS). This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons.

This Practice Note considers the principal anti-avoidance rules in the tax code for real estate investment trusts (UK REITs). It also examines the provisions, having anti-avoidance effect, that are triggered in certain circumstance involving development properties, a breach of the holder of excessive rights (or corporate ownership) or interest cover tests, and an early exit from the UK REIT regime. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note sets out the consequences of a UK real estate investment trust (UK REIT) failing, or ceasing to meet, the conditions or tests required to join, and maintain membership of, the UK’s REIT regime. It covers circumstances in which a UK REIT can be automatically expelled from the regime, when notification of a breach is required and the different implications of a breach. It examines the impact of multiple breaches and discusses the ways a company can exit the UK REIT regime, both voluntarily and involuntarily. Finally, it considers the tax effects of exiting the UK REIT regime. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note considers the requirements for a group of companies to qualify as a UK group REIT and the tax treatment of the UK group REIT. It also considers the ways in which a UK REIT may make an indirect investment in property and the corresponding tax treatments which may apply, including through a joint venture company (JVco). It examines the conditions that need to be satisfied and the tax impact on both the JVco and the UK REIT. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note outlines the rules applicable to UK real estate investment trusts (REITs). It provides a summary of the whole regime. It briefly considers the intention behind the UK REIT regime, what a REIT is, the conditions for the UK REIT regime to apply, as well as the taxation treatment of the REIT itself and its investors. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note examines the tax treatment of a UK real estate investment trust (REIT), the tax treatment of its shareholders, and the requirement imposed on the UK REIT to withhold UK tax from certain distributions to those shareholders. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.

This Practice Note sets out the conditions required to be met by UK REITs on entry to the UK REIT regime and thereafter. It considers the company conditions, the property rental business conditions, the balance of business conditions, and the distribution condition. It also discusses two other tests—the holder of excessive rights (or the corporate ownership) test and the interest cover test—which both place practical restrictions on how the UK REIT is set up and funded. This Practice Note was produced in partnership with Martin Shah of Simmons and Simmons LLP.

This Practice Note provides an overview of the VAT exemption for fund management of special investment funds. It discusses the meaning of management and the meaning of special investment fund. This Practice Note is produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP