IFM04210 - Property authorised investment funds (PAIFs): process and effects of entry into the PAIF regime: overview of process for entry

This section covers the process for an open-ended investment company (OEIC) entry into the PAIF regime, in particular:

  1. »Ê¹ÚÌåÓýapp notification process. »Ê¹ÚÌåÓýapp notification needs to be made in writing to HMRC by an OEIC confirming that all the conditions of entry apply (IFM04220).
  2. »Ê¹ÚÌåÓýapp mechanism to quash this notice if HMRC is not satisfied that all the conditions of entry have been fulfilled (IFM04230).
  3. »Ê¹ÚÌåÓýapp clearance procedure that the OEIC can use to gain certainty from HMRC that it has met the genuine diversity of ownership condition before sending its notification (IFM04240).
  4. »Ê¹ÚÌåÓýapp relief from stamp duty land tax where an authorised unit trust converts into an OEIC to join the regime (IFM04250).

»Ê¹ÚÌåÓýapp effects of entry to the regime are covered at IFM04260 and the basic VAT implications on entry into the regime are set out in IFM04270.