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Standards, Tax and Regulations Briefings

During INREV's monthly Standards, Tax and Regulations Briefings, experts present their insights and answer questions on the current, regulatory and tax issues facing our industry or on professional standards key topics. Tax and Regulatory briefings usually take place on the last Thursday of the month at 9:30 am CET/ 8:30 am UK time. A recording of each Briefing will be available after each session.

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Listen to past recordings

Updated Country-by-Country Guide briefing  

Last updated on 02 Apr 2024

The updated Country-by-country Guide now features information on country-level ESG regulations. View an update of the most significant tax and regulatory updates across 16 jurisdictions, including an in-depth briefing of the Corporate Sustainability Reporting Directive (CSRD) presented by Linda Thonen, Partner Legal Business Solutions and Martijn Graafstal, Senior Associate, Tax Real Estate, and Anish Sewbaransingh, Senior Legal Associate, all from PwC Netherlands.

Seize the RIF opportunity - Webinar  

Last updated on 26 Mar 2024

Melville Rodrigues, Head - Real Estate Advisory from Apex Group and Tim Jones, Director, Deals Tax - Real Estate from PwC discussed how the UK funds sector can launch and operate the newly proposed Reserved Investor Fund (RIF). The session explored the RIF's tax-transparent, closed end structure and its potential benefits.

The briefing was moderated by Julie Patterson, Independent Non-Executive Director.

SDR application to real estate investment briefing  

Last updated on 15 Feb 2024

Louisa Chender, ESG Policy & Advisory at FCA and Shuen Chan, Head of Responsible Investment & Sustainability at Legal & General Investment Management Real Assets discussed the implications and the strategic challenges and opportunities associated with the FCA's recent proposals on SDR and labels for non-listed real estate investment.

Dutch tax rules that impact the qualification of real estate investment funds and partnerships  

Last updated on 18 Oct 2023

Jelle Bas Boon (Tax Partner) and Maartje Vaandrager (Tax Manager) of Deloitte in Amsterdam, presented on recently announced Dutch tax rules that impact the qualification of real estate investment funds and partnerships.

Note: The situation described on slide 21 of the presentation would not arise if an amendment to the legislation proposed after the presentation is adopted. The proposal would delay the conditional withholding tax on dividends for hybrid partnerships until 01.01.2025 (i.e. the date on which partnerships would generally become tax transparent by default), unless these partnerships would be located in low-taxing or blacklisted jurisdictions

UK Reserved Investor Fund (RIF) Briefing  

Last updated on 13 Dec 2023

Melville Rodrigues, Head of Advisory Real Assets at Apex Group, explained the proposed UK Reserved Investor Fund (RIF) and the opportunities it presents for real estate investment. Melville was joined by Victoria Wolf, partner in EY’s International Tax and Transaction Services, Real Estate, and Michael Newell, partner in Cadwalader’s Financial Services Group.

INREV SDDS and DDQs Consultation Briefing  

Last updated on 10 Nov 2023

During the briefing Alistair Dryer, Head of Europe at LaSalle Global Partner Solutions, Martijn Vlasveld, Managing Director, Head of ESG, Edmond de Rothschild REIM and Jef Holland, Partner, Deloitte Netherlands presented on the main features of the templates.

Real Estate: Helping to meet Europe’s pension needs  

Last updated on 13 Nov 2023

A joint INREV-EPRA event that featured academic and investor perspectives on how pension funds’ and insurers’ investments in real estate deliver long-term stable income streams that match their pension liabilities. Real estate’s benefits as long-term investments, the diversification value it adds for better risk-adjusted returns and its contribution to the built environment supporting the needs of older citizens were also discussed.

Update on DEBRA, the EU tax incentive to equity finance Briefing  

Last updated on 16 Jan 2023

To encourage more sustainable and less risky growth the EU commission issued a proposal to address the disparity in tax treatment between debt and equity financing (DEBRA). Antoine Dupuis, Partner at Atoz presented on the debt-equity bias reduction allowance (DEBRA) consultation and INREV response. The briefing was moderated by Richard van der Linden, Tax Partner Real Estate at PwC.

Cross-border marketing rules – “mind the gaps” Briefing  

Last updated on 13 Nov 2023

Emily Harmsworth, Counsel at Linklaters LLP in London and Claire Prospert, Partner in the firm’s Luxembourg team, presented on the Cross-border marketing package and ESMA’s Marketing Communications Guidelines.

Charting the course of tax changes for real estate investment Briefing  

Last updated on 13 Nov 2023

European Commission Minimum Tax and Fighting the use of shell entities Briefing  

Last updated on 13 Dec 2023

Richard van der Linden, Tax Partner Real Estate at PwC in Amsterdam, presented on the European Commission’s legislative proposal adopting the OECD agreement on minimum tax along with measures for fighting the use of shell entities for tax avoidance explained in the August briefing. Referred to as ‘ATAD 3’, the proposal if adopted could impact tax-related aspects of fund structuring and operation.

Making sense out of the new fund marketing landscape Briefing  

Last updated on 16 Jan 2023

Claire Prospert from Linklaters’ Luxembourg office and Richard Cole from the firm’s London office present on navigating the practical challenges of cross-border distribution of real estate funds under EU Cross-Border Distribution rules and evolving NPPR and MiFID practices.  

Opportunities in the UK Funds Review Briefing  

Last updated on 13 Nov 2023

A joint INREV/AREF/IPF briefing where we looked at the details of the proposed new PIF (CS) and LTAF fund structures and the implications they could have for the real estate funds sector, as well other aspects of the call for important input on this consultation.

ESG-related regulatory and policy initiatives Briefing  

Last updated on 16 Jan 2023

Kate Binedell and Matthew Baker, Partners at Bryan Cave Leighton Paisner in London, who presented an update on recent ESG-related regulatory requirements impacting non-listed real estate investment. They were joined by Abigail Dean, Head of Sustainability, Real Estate at Nuveen in London, who discussed some of the practical issues implementing the new regulations present for fund managers.

Proposed Code of Tax Conduct Briefing  

Last updated on 13 Oct 2021

Francisco Da Cuhna (Deloitte) and Keith O’Donnell (Atoz) discussed the structure and substance of the proposed code, and the contribution recommendations and best practices on tax-related matters.

Open End Fund Pricing 2020 Briefing  

Last updated on 30 Aug 2023

Constantin Sorlescu, INREV, John Ravoisin, PwC, Nick Brown, M&G Real Estate, Robert White, EY and John Forbes, John Forbes Consulting, discussed the recently launched Open End Fund Pricing consultation paper, including a highly relevant section in today’s uncertain times related to pricing policy during exceptional market circumstances.

Total Global Expense Ratio (TGER) 2020 Briefing  

Last updated on 16 Nov 2020

Constantin Sorlescu, Director of Professional Standards at INREV joined by Renaud Breyer, Partner at EY Luxembourg, and Andrew Muscat, COO/CFO at LaSalle Global Partner Solutions, shows you how to calculate TGER, including treatment and allocation of its main components, and how to make the transition from TER to TGER to ensure compliance with the INREV Guidelines.

Liquidity and Pricing in Current Market Circumstances 2020 Briefing  

Last updated on 13 Dec 2023

During the briefing, Constantin Sorlescu, INREV together with Thomas Kallenbrunnen, PGIM Real Estate, Nick Brown, M&G Real Estate, John Ravoisin, PwC and Robert White, EY discuss:

  • Liquidity requirements and secondary markets
  • Terms and rights of redemptions
  • Transparency and disclosures regarding pricing policy

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