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1、JerseyPage1InvestinginUKRealEstateJerseyInvestinginUKRealEstateJerseyPropertyandUKReitsJerseyPage2InvestinginUKRealEstateIntroductionMakinginvestmentsinUnitedKingdompropertythroughoffshoreinvestmentstructurescanoffersignificantbenefitstoinvestors.Amongst
2、suchbenefitsarethe"lighttouch"regulatoryenvironmentinJersey,potentialstampdutysavingsandtaxtransparency,anabilitytoobtaingreaterliquidity(forexample,bylistingontheChannelIslandsStockExchange)andtospreadtheriskoftheinvestment,aswellaspotentiallyadvantageo
3、ustreatmentundertheUK'sincome,capitalgains,inheritanceandvalueaddedtaxregimes.UsingaJerseyinvestmentstructurecanalsobenefitinvestorsbyprovidingtheabilitytomanagethepropertyinvestmentvehiclewithoutsufferinganylocalincometaxordeductionsforwithholding.Whati
4、sanunittrust?Aunittrustisnotaseparatelegalentityassuch,butatrustarrangementwherebylegalownershipofthefund'sassetsisvestedinatrusteewhoholds,ortrusteeswhohold,theassetsofthefundontrustforthebenefitoftheunit-holders.Formostpracticalpurposes,aunittrustschem
5、ewilloperateandberegulatedinthesamemannerasacorporateinvestmentfund.Theunittrustwillgenerallybeconstitutedbymeansofatrustinstrumentmadebetweenthetrusteesorbetweenthetrusteesandanindependentmanager.Intheformercase,thetrusteesaregenerallyresponsibleforprom
6、oting,managingandadministeringtheunittrustscheme,orforappointingamanagerorotheradvisertodoso.Inthelattercase,themanagerwillgenerallypromote,manageandadministerthescheme,andthetrusteeswillgenerallysupervisecompliancebythemanagerwithitsobligationsunderthet
7、rustinstrument.Subscriptionproceedswillbepaidtothetrusteeswhichwillactascustodianoftheinvestmentassetsofthefund.Thetrustinstrumentwillgenerallycontainprovisionsregulatingtheissue,redemptionandvaluationofunits,theappointmentandremovalofthetrusteesandthema
8、nageroranydelegates,theduties,remunerationandborrowingpowersofthetrustees,investmentrestrictionsandforthewinding-upofthetrust.WhatisaJPUT?IncreasedcompetitivepressuresonarrangersresultedinJerseyinvestmentstructuresbeinguse