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Tax Committee

Welcome to AREF's Tax Committee page.  The objectives of the Tax Committee are to inform AREF’s members of developments in tax legislation and regulation and to represent members in consultation and dialogue with the UK and other tax authorities, the OECD, and other government, professional and trade bodies.

Use link for information on members of the Tax Committee.


Capital Gains Tax for non-residents - Updated

In the budget on 22 November 2017 the Chancellor announced changes to the taxation of capital gains on real estate disposals by non-residents. These changes are likely to impact many real estate funds. 

A working group of AREF tax committee has been in informal discussions with HMRC in respect of rules for collective investment schemes and draft legislation.

  • Click here for a quote on the release of the Technical Note and associated clauses within the Finance Bill.
  • Click here to read more on the CGT changes.
  • Click here to read the Event Summary from the two roundtable discussion events hosted by AREF.
  • Click here to view  AREF's response to the Consultation
  • Click here to view the legislation - released Friday 6th July 2018

Base Erosion and Profit Shifting (BEPS)

In response to government concerns about corporate tax avoidance, the OECD and G20 countries adopted, in September 2013, an action plan to address base erosion and profit shifting. Following two years of work and consultation, the OECD presented a final package of measures. The OECD and governments are now focussing on implementation.

Property Authorised Investment Funds and Co-Ownership Authorised Contractual Schemes

The Tax Committee has lobbied for seeding reliefs from stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) for both property authorised investment funds (PAIFs) and co-ownership authorised contractual schemes (CoACSs), together with clarity of treatment of CoACSs for both SDLT and LBTT more generally. The lack of such reliefs and clarity of treatment has been a significant barrier to the use of PAIFs and CoACSs as vehicles for property investment. Legislation is now due to be introduced for SDLT in Finance Bill 2016. The Tax Committee also lobbied for relief from LBTT on converting an existing property unit trust to a property authorised investment fund. The Scottish Government subsequently introduced relief with effect from 6 October 2015.

Stamp Duty Land Tax and Land and Buildings Transaction Tax Surcharges on Purchases of Additional Residential Property

The Tax Committee has responded to recent consultations on proposed surcharges to stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) on additional residential property. The governments propose for the changes to take effect for purchases from 1 April 2016.


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