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HMRC internal manual

Company Taxation Manual

Property authorised investment funds (Property AIFs): process and effects of entry into the Property AIF regime: overview of process for entry

This section covers the process for entry into the Property AIF regime.

  1. The notification process. The notification needs to be made in writing to HMRC by the open-ended investment company (OEIC) confirming to HMRC that all the conditions of entry apply (CTM48822).
  2. The mechanism to quash this notice if HMRC is not satisfied that all the conditions of entry have been fulfilled (CTM48823).
  3. The 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 (CTM 48824).
  4. The relief from stamp duty land tax where an authorised unit trust converts into an OEIC to join the regime (CTM48825).

The effects of entry to the regime are covered at CTM48826 and the basic VAT implications on entry into the regime are set out in CTM48827.