TISA responds to AREF statement on PAIFs
Commenting on the statement from the Association of Real Estate Funds (AREF) in response the announcement by the Government that it is to make a legislative change that will facilitate the creation of tax-efficient property funds, known as PAIFs, for the mass retail market, TISA Director of Policy Malcolm Small said:
“The income streaming produced by PAIF structures can be difficult for platforms, or other providers, to cope with from a systems point of view. Nevertheless, PAIFs deliver real tax advantages for many investors and we would encourage market participants to undertake the modifications necessary to cope. We are supportive of the announcement from AREF, knowing as we do the effort and expense their members have put into championing this change. Whilst we think this will ultimately be a matter of competitive advantage for market participants, a system of ‘shadow funds’ will be available for providers to use while they make the changes required. This should ensure that consumers are not disadvantaged in the short term from those providers unable to cross the finishing line at an early stage.”
Ends……
For further information, please contact:Malcolm Small, Director of Policy, Mobile: 07989 500771 Email:malcolm.small@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.