Legal & General is to convert its £1.2bn UK Property trust into a property authorised investment fund (PAIF) next month.
The fund, run by Michael Barrie (pictured) and Matt Jarvis, will convert to the tax-efficient structure on Tuesday 27 May. PAIFs are a more investor-friendly property vehicle than typical unit trusts because managers are exempted from the requirement to hold 20% of their rental income for tax purposes. That responsibility instead falls to the individual investor, which means those holding the fund in an ISA or pension wrapper will not incur any liability. "Legal & General confirms it has received approval from the FCA to convert its L&G Property Trust into a Property Authorised Inv...
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