List of UK Property Rich funds under Friends Provident International
07 September 2020
This communication relates to the change in UK tax legislation that took effect from 6 April 2019 and which applies to non-residents holding interests in UK Property Rich Collective Investments Vehicles (CIV's). Please note:
The following information is intended for advisers with clients who are policy/plan owners and have exposure to funds considered to be 'UK Property Rich'.
- A list of those funds is provided below. This list reflects funds which are held by Friends Provident International policy/plan owners only.
- If your client has an investment with another company, they may be linked to different funds which are also affected.
- Where a policy/plan is not linked to any of the funds below, no further action is required in respect of the Friends Provident International policy/plan.
Background
Over the last few years, the UK government has introduced new legislation to equalise the tax treatment of UK and non-UK residents where there is a disposal of residential/non-residential property and land within its borders.
From 6 April 2019, legislation extended Capital Gains Tax to disposals of UK property where it is held within a CIV and the investor is a non-UK resident.
Impact
As a non-UK resident company, this legislation applies to Friends Provident International as the underlying investments held in our products are legally owned by us and not the policy/plan owner.
How does this affect policy/plan owners?
When a 'UK Property Rich' CIV is sold or transferred out of a policy/plan, any gain on the CIV since 6 April 2019 (or the CIV purchase date if after 6 April 2019), may be subject to UK Corporation Tax, which is currently charged at a rate of 19%.
Friends Provident International would be liable for any tax and reserve the right to pass that cost onto policy/plan owners who realised a gain. Market conditions have meant that to date, it hasn't been necessary to do this.
What next?
Throughout 2019/early 2020, like other businesses we partnered with a number of industry bodies to lobby HMRC/HM Treasury for an exemption or at the very least, changes to the legislation. Unfortunately, it appears that no changes are likely in the short term and so the administrative complexities for us as a business, and the potential for double taxation on our policy/plan owners, remains unchanged.
To date, we have allowed policy/plan owners to remain invested in this particular sector, however, we must now ask that all positions are sold as soon as possible and by 30 November 2020 at the latest. We appreciate that at this time many of the funds affected are suspended so positions cannot be liquidated. In such circumstances, we ask that redemptions are placed as and when possible.
Just to clarify, where policy/plan owners have no exposure to the funds listed, no further action is required.
If you have any queries in relation to this matter, please contact TechnicalInvestments@fpiom.com.
|
Fund Name |
Fund Manager |
ISIN |
|---|---|---|
|
ABERDEEN FUND MANA UK PROPERTY FEEDER UNIT TRU |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1R46 |
|
ABERDEEN FUND MANA UK PROPERTY FEEDER UNIT TRU |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1S52 |
|
ABERDEEN UK PROPERTY FEEDER UNIT TRUST A (ACC) |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1M90 |
|
ABERDEEN UK PROPERTY FEEDER UNIT TRUST A (INC) |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1N08 |
|
ABERDEEN UK PROPERTY FEEDER UNIT TRUST I (ACC) |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1P22 |
|
ABERDEEN UK PROPERTY FEEDER UNIT TRUST I (INC) |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1Q39 |
|
ABERDEEN UK PROPERTY FUND A (ACC) PAIF |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1C92 |
|
ABERDEEN UK PROPERTY FUND A (INC) PAIF |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1D00 |
|
ABERDEEN UK PROPERTY FUND I (ACC) PAIF |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1F24 |
|
ABERDEEN UK PROPERTY FUND I (INC) PAIF |
ABERDEEN STANDARD – ABERDEEN |
GB00BTLX1G31 |
|
Aberdeen Property Share K Acc |
Aberdeen Standard – Standard Life |
GB00BDD9P327 |
|
UK PROPERTY A ACC |
Aberdeen Standard – Standard Life |
GB00BJFL1522 |
|
UK PROPERTY FUND RETAIL INC |
Aberdeen Standard – Standard Life |
GB00BJFL1639 |
|
SLI IGNIS UK PROPERTY I GBP ACC |
Aberdeen Standard – Standard Life |
GB00BJZ2TG29 |
|
Standard Life Investments UK Real Estate Inst Inc |
Aberdeen Standard – Standard Life |
GB00BJZ2V336 |
|
Standard Life Investments UK Real Estate Platform 1 Acc |
Aberdeen Standard – Standard Life |
GB00BYPHP536 |
|
STANDARD LIFE UK REAL ESTATE FEEDER R ACC |
Aberdeen Standard – Standard Life |
GB00BYPHP973 |
|
STANDARD LIFE INVESTMENTS UK REAL ESTATE ACCUMULATION FEEDER FUND INST ACC |
Aberdeen Standard – Standard Life |
GB00BYPHPB97 |
|
STANDARD LIFE INVESTMENTS UK REAL ESTATE ACCUMULATION FEEDER FUND PLATFORM 1 ACC |
Aberdeen Standard – Standard Life |
GB00BYPHPD12 |
|
STANDARD LIFE INVESTMENTS UK REAL ESTATE INCOME FEEDER FUND RETAIL INC |
Aberdeen Standard – Standard Life |
GB00BYPHPJ73 |
|
UK REAL ESTATE INCOME FEEDER I FUND |
Aberdeen Standard – Standard Life |
GB00BYPHPK88 |
|
STANDARD LIFE INVESTMENTS UK REAL ESTATE INCOME FEEDER FUND PLATFORM 1 INC |
Aberdeen Standard – Standard Life |
GB00BYPHPL95 |
|
Standard Life Investments UK Real Estate Income Feeder Institutional S |
Aberdeen Standard – Standard Life |
GB00BZ008552 |
|
AVIVA INVESTORS UK PROPERTY FEEDER 1 GBP ACC |
Aviva Investors UK |
GB00BYYZ0S69 |
|
AVIVA INVESTORS UK PROPERTY FEEDER 1 GBP INC |
Aviva Investors UK |
GB00BYYZ1N89 |
|
AVIVA INVESTORS UK PROPERTY FEEDER 2 GBP INC |
Aviva Investors UK |
GB00BYYZ2464 |
|
AVIVA INVESTORS UK PROPERTY FEEDER CLASS 2 (ACC) |
Aviva Investors UK |
GB00BYYZ0W06 |
|
AVIVA INVESTORS UK PROPERTY PAIF CLASS 1 (ACC) |
Aviva Investors UK |
GB00BYYYXW82 |
|
AVIVA INVESTORS UK PROPERTY PAIF CLASS 1 (INC) |
Aviva Investors UK |
GB00BYYYYD68 |
|
AVIVA INVESTORS UK PROPERTY PAIF CLASS 2 (ACC) |
Aviva Investors UK |
GB00BYYYYX64 |
|
AVIVA INVESTORS UK PROPERTY PAIF CLASS 2 (INC) |
Aviva Investors UK |
GB00BYYYZ110 |
|
BLACKROCK UK PROPERTY FUND |
BLACKROCK INVESTMENT MANAGERS UK |
GB0005201990 |
|
BMO UK PROPERTY 1 ACC |
BMO Fund Management Limited |
GB00B6118210 |
|
BMO UK PROPERTY 1 INC |
BMO Fund Management Limited |
GB00B620FM64 |
|
BMO UK PROPERTY 2 ACC |
BMO Fund Management Limited |
GB00B830G150 |
|
BMO UK PROPERTY 2 INC |
BMO Fund Management Limited |
GB00B6449M48 |
|
BMO UK Property Feed 1 Acc |
BMO Fund Management Limited |
GB00BWZMHK32 |
|
BMO UK Property Feeder 1 Inc |
BMO Fund Management Limited |
GB00BWZMHJ27 |
|
BMO UK Property Feeder 2 Acc |
BMO Fund Management Limited |
GB00BWZMHM55 |
|
BMO UK Property Feeder 2 Inc |
BMO Fund Management Limited |
GB00BWZMHL49 |
|
Henderson Investme UK Property PAIF Feeder U2 GBP |
Henderson Global Investors - DST GBP |
GB00BYP82K04 |
|
Janus Henderson UK Property Feeder I GBP (Acc) |
Henderson Global Investors - DST GBP |
GB00BYP82D37 |
|
Janus Henderson UK Property Feeder I GBP (Inc) |
Henderson Global Investors - DST GBP |
GB00BYP82C20 |
|
Janus Henderson UK Property PAIF A GBP (Acc) NET |
Henderson Global Investors - DST GBP |
GB00BP46GC27 |
|
Janus Henderson UK Property PAIF A GBP (Inc) NET |
Henderson Global Investors - DST GBP |
GB00BP46GD34 |
|
Janus Henderson UK Property PAIF Feeder Fund A Acc |
Henderson Global Investors - DST GBP |
GB00BYP82B13 |
|
Janus Henderson UK Property PAIF Feeder Fund A Inc |
Henderson Global Investors - DST GBP |
GB00BYP82996 |
|
JANUS HENDERSON UK PROP PAIF I |
Henderson Global Investors - DST GBP |
GB00BP46GF57 |
|
L&G UT UK PROPERTY FEEDER C INC (GBP) |
Legal and General |
GB00BLM78907 |
|
LEGAL & GENERAL UK PROPERTY FEEDER FUND I (ACC) FEEDER |
Legal and General |
GB00BK35F408 |
|
LEGAL & GENERAL UK PROPERTY FEEDER FUND I (INC) FEEDER |
Legal and General |
GB00BK35F390 |
|
LEGAL & GENERAL UK PROPERTY FEEDER FUND R (ACC) FEEDER |
Legal and General |
GB00BK35F283 |
|
LEGAL & GENERAL UK PROPERTY FEEDER FUND R (INC) FEEDER |
Legal and General |
GB00BK35F176 |
|
LEGAL & GENERAL UK PROPERTY FUND I (ACC) PAIF NET |
Legal and General |
GB00BK35DV33 |
|
LEGAL & GENERAL UK PROPERTY FUND R (ACC) PAIF NET |
Legal and General |
GB00BK35DS04 |
|
LEGAL & GENERAL UK PROPERTY FUND R (INC) PAIF NET |
Legal and General |
GB00BK35DR96 |
|
LEGAL & GENERAL UT UK PROPERTY C ACC |
Legal and General |
GB00BLM78D49 |
|
LEGAL & GENERAL UT UK PROPERTY FEEDER C ACC |
Legal and General |
GB00BLM78B25 |
|
LEGAL & GENERAL UT UK PROPERTY FEEDER F ACC GBP |
Legal and General |
GB00BK35F622 |
|
LEGAL & GENERAL UT UK PROPERTY I INC GBP |
Legal and General |
GB00BK35DT11 |
|
M&G Feeder of Property Portfolio Class A (Acc) |
M&G Securities Ltd |
GB00B8FSZ434 |
|
M&G Feeder of Property Portfolio Class A (Inc) |
M&G Securities Ltd |
GB00B8FWH509 |
|
M&G Feeder of Property Portfolio Class I (Inc) |
M&G Securities Ltd |
GB00B842HT59 |
|
M&G Feeder of Property Portfolio Class X (Inc) |
M&G Securities Ltd |
GB00B8HC9L87 |
|
M&G Feeder of Property Portfolio I Acc |
M&G Securities Ltd |
GB00B7SX7S61 |
|
M&G Feeder of Property Portfolio |
M&G Securities Ltd |
GB00B8FVGB64 |
|
M&G Investment Man Feeder of |
M&G Securities Ltd |
GB00B7KL5730 |
|
M&G Investment Mgmt Propert P/F R Acc (GBP) |
M&G Securities Ltd |
GB00B89MXM58 |
|
M&G Property Portfolio Class A (Acc) PAIF NET |
M&G Securities Ltd |
GB00B8G41W07 |
|
M&G Property Portfolio Class A (Inc) PAIF NET |
M&G Securities Ltd |
GB00B8G9TT83 |
|
M&G Property Portfolio Class D (Acc) PAIF NET |
M&G Securities Ltd |
GB00B89PNJ11 |
|
M&G Property Portfolio Class D (Inc) PAIF NET |
M&G Securities Ltd |
GB00B8FQVP09 |
|
M&G Property Portfolio Class I (Acc) PAIF NET |
M&G Securities Ltd |
GB00B8FYD926 |
|
M&G Property Portfolio Class I (Inc) PAIF NET |
M&G Securities Ltd |
GB00B89X8P64 |
|
M&G Property Portfolio Class X (Inc) PAIF |
M&G Securities Ltd |
GB00B896N165 |
|
Property Portfolio R Inc |
M&G Securities Ltd |
GB00B6S0YV23 |
|
M&G Investment Man Feeder of Prop Pfolio D Inc |
M&G Securities Ltd |
GB00B8FT5571 |
|
MGTS St Johns High Income Property R Inc |
Margetts Fund Management Limited |
GB00B8W39380 |
|
Kames Capital PLC Property Income B Gross Inc |
Northern Trust - Kames Feeder |
GB00BK6MJC43 |
|
Kames Capital PLC Property Income B Net Inc |
Northern Trust - Kames Feeder |
GB00BK6MJD59 |
|
Kames Capital PLC Property Income B Net Acc |
Northern Trust - Kames Feeder |
GB00BK6MJF73 |
|
Kames Property Income Fund Feeder B (Acc) NET |
Northern Trust - Kames Feeder |
GB00BK6MJG80 |
|
Kames Property Income Fund Feeder B (Inc) NET |
Northern Trust - Kames Feeder |
GB00BK6MJH97 |
|
Royal London Property Fund Acc |
Royal London Unit Trust Managers Ltd |
GB00B66HFJ00 |
|
Schroder UK Real Estate Feeder Trust |
Schroder Unit Trusts Limited UK |
GB00B8206385 |
|
St James Place Property Acc GBP |
St.James Place Unit Trust Group Ltd |
GB00B1KHL374 |
|
St James Place UT Property Fd Inc GBP |
St.James Place Unit Trust Group Ltd |
GB00B1KHL598 |
|
TM Hearthstone UK Residential |
Thesis Hearthstone Funds |
GB00B44VX301 |
|
TM Home Investor Feeder Unbundled Ret |
Thesis Hearthstone Funds |
GB00B95V2K41 |
|
Threadneedle Inv UK Property AIF Inst NET In |
Threadneedle UK - DST (GBP Only) |
GB00BQ1YHW31 |
|
Threadneedle Inv UK Property At Retail Net I |
Threadneedle UK - DST (GBP Only) |
GB00BQ3G0X98 |
|
THREADNEEDLE PROP PROPERTY CL B |
Threadneedle UK - DST (GBP Only) |
GB0005086672 |
|
Threadneedle UK Property Authorised Investment Fund Retail |
Threadneedle UK - DST (GBP Only) |
GB00BQ1YHQ70 |
|
Threadneedle UK Property Trust Feeder Inst (Acc) NET |
Threadneedle UK - DST (GBP Only) |
GB00BQ3G0Y06 |
|
Threadneedle UK Property Trust Feeder Inst (Inc) NET |
Threadneedle UK - DST (GBP Only) |
GB00BQ3G0Z13 |
|
Threadneedle UK Property Turst Feeder Retail (Acc) NET |
Threadneedle UK - DST (GBP Only) |
GB00BQ3G1143 |
|
Threadneedle UK PAIF GBP-ABY IPP |
Threadneedle UK - DST (GBP Only) |
GB00BQ1YHS94 |
|
ARC Time Commercial Freehold Feeder Trust I Net Acc Units |
TIME Investments |
GB00BJJPTT09 |
|
Alpha Real Capital Freehold Income Authorised F Net Acc GBP |
TIME Investments |
GB00B932TK89 |
|
Alpha Real Capital Freehold Income Authorised I NET Acc |
TIME Investments |
GB00B94RFB51 |
|
Time Freehold Income Authorised |
TIME Investments |
GB00B94RFF99 |
|
Alpha Real Cap Freehold Inc H Net |
TIME Investments |
GB00B9D84M33 |
|
Alpha Real Capital Freehold Inc |
TIME Investments |
GB00B9LVKM66 |
|
Freehold Income Authoris Fund D GBP |
TIME Investments |
GB00B9LVL566 |
|
Time Commercial Long Income Feeder Trust J NET Inc |
TIME Investments |
GB00BJJPV945 |
|
TIME FREEHOLD INC AUTH FEEDER TST CL K NET ACC (GBP) |
TIME Investments |
GB00B94RFG07 |
|
ALPHA REAL CAPITAL LLP FREEHOLD INCOME AUTH (GBP) |
TIME Investments |
GB00B94RFN73 |
|
ALPHA REAL CAPITAL FREEHOLD INC AUTH'D GRS C INC (GBP) |
TIME Investments |
GB00B9DQDN12 |
|
ALPHA REAL CAPITAL FREEHOLD INC AUTH GROSS (GBP) |
TIME Investments |
GB00B9LV6956 |