As you will be aware the HMT/HMRC published a 12 week consultation “Taxing gains made by non-residents on UK immovable property” on 22 November. They are proposing some potentially major changes that could have a significant impact on property funds and their investors.

To assist AREF in preparing its response to this consultation we would appreciate it if you could answer this short survey by Thursday 25 January for each of your funds which are AREF members.

We acknowledge that it may be difficult to check and confirm the fine detail requested in Questions 4 and 5 so, if that's not possible, a rough but educated estimate would be appreciated.

All responses will be treated in the strictest confidence and will only be seen by AREF staff. We will consolidate and anonymise the data before using it in AREF’s response to the consultation.

If you have any questions about the survey please contact Jacqui Bungay (jbungay@aref.org.uk)

* 1. Name of Fund:

* 2. The size of the fund (NAV) as at 30 September 2017

* 3. Is this fund an:

* 4. What percentage of the investors in the fund are:

* 5. Of those "Non-UK resident, non-UK tax exempt" investors identified in the above question, what proportion are known to be tax exempt in their country of residence?

* 6. To enable us to understand if the 25% ownership requirements will be a likely issue for AREF members, please can you confirm

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