Property Authorised Investment Funds

Property Authorised investment Funds (PAIFs) are a form of Open Ended Investment Company (OEIC). PAIFs can pay 3 distributions on the same day:

• A normal dividend
• A Property Income Distribution (PID), taxed at 20%
• An interest payment

Several changes have been made to make it easier to process PAIFs on Trust Accounts:

• A checkbox has been added to Edit Security > Attributes to indicate that a security is a UK PAIF. This works similarly to the existing checkbox for UK Real Estate Investment Trusts (REITs). But there are two differences:
  • The REITs setting is completed by running the data feed (either Exshare or Telekurs)
  • The REITs setting is only available for shares; whereas the PAIF setting is only available for Units in a fund
• The Income/Acquisition report shows REIT PIDs and PAIF PIDs under the heading of Property Income Distributions.
• PAIF PIDs are also brought into Personal Tax.