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. The notification process. The notification needs to be made in writing to HMRC by an OEIC confirming that all the conditions of entry apply (IFM04220).
2. The mechanism to quash this notice if HMRC is not satisfied that all the conditions of entry have been fulfilled (IFM04230).
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 (IFM04240).
4. The relief from stamp duty land tax where an authorised unit trust converts into an OEIC to join the regime (IFM04250).

The 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.