Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

PAIF definition

What does PAIF mean? In legal practice, a PAIF (Property Authorised investment Fund) is an authorised open‑ended investment company (OEIC) used to hold predominantly real estate assets or shares in UK REITs and comparable non‑UK REIT‑type vehicles, with tax treatment broadly aligned to the UK REIT regime at fund level. The PAIF regime is established in UK tax legislation and FCA rules and guidance, and applies consistently across England & Wales, Scotland and Northern Ireland; it is not a concept in Irish law. To qualify, the fund must be an OEIC, meet conditions on investment mix, business activities, ownership (including genuine diversity...

UK PAIF regime: breach notifications, HMRC termination, voluntary and automatic exit triggers, and corporation tax consequences on leaving

Published by a LexisNexis Tax expert

Practice notes

The tax regime for property authorised investment funds (paifs)

The PAIF tax framework applies to UK open-ended investment companies (OEICs) that satisfy specified criteria. In some cases, falling short of these requirements can result in removal from the PAIF regime, while a PAIF may equally opt to depart voluntarily. The outcome of any failure hinges on the precise condition involved and, in certain instances, whether the failure is a repeat occurrence. The PAIF conditions are explained in detail in Practice Note: PAIFs—the conditions.

This Practice Note covers:

what follows when one or more PAIF conditions are not met, and
the tax consequences of an exit from the PAIF regime

For a high-level summary of the overall PAIF framework, see Practice Note: Tax and property funds—overview. For the tax treatment of PAIFs and their investors, alongside associated compliance requirements, see Practice Note: PAIFs—tax treatment of the fund and its investors. The statutory rules for PAIFs are contained in the Authorised Investment Funds (Tax) Regulations 2006 (SI 2006/964), which this Practice Note calls the AIF Tax Regulations...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Martin Shah

Simmons & Simmons

Martin is a partner in the corporate tax group at Simmons & Simmons. His broad based practice encompasses financial markets, corporate, real estate (including structured real estate) and commercial work, with an emphasis on clients in the asset management & investment funds and financial institutions sectors. His focus includes advising on funds and other investment products, together with structural tax issues for asset management, banking and insurance clients.Martin leads the financial services tax practice which won European Financial Services Tax Team of the Year at the International Tax Review European Awards in 2011 and 2013. He is rated in the latest Legal 500 and Chambers directories ("very strong" in his defence of clients’ interests and can be relied upon to be "robust in difficult circumstances") for corporate tax and endorsed by PLC Which Lawyer?.Martin is a regular participant at the...

Web page updated on 22/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...