REITs & Major Corporates Lead Partner
Phil is a senior partner in Deloitte’s Real Estate Tax department, specialising in large scale, complex real estate transactions for major real estate companies and funds.
He is one of the Government’s key advisers on property tax legislation. They regularly consult with him on the conceptual aspects of new tax legislation and its drafting. For example:
- Phil was one of the main architects of the tax regime for Real Estate Investment Trusts (‘REITs’).
He has been a lead adviser to the Government on REITs since inception and he led the Treasury-appointed technical group which was responsible for the conceptual and legislative aspects of the regime. He also leads the Property Industry Alliance’s (‘PIA’) REITs technical group. The PIA is the over-arching representative body for the property industry, incorporating the views of other industry bodies such as the British Property Federation and Royal Institution of Chartered Surveyors.
- He assisted the Government with the conceptual aspects of the tax regime for Property Authorised Investment Funds, another form of tax exempt property investment vehicle.
- He was closely involved with the Government in shaping the property derivatives regime.
Phil is lead tax adviser to many of the largest property investors in the UK including The British Land Company Plc, SEGRO Plc, Westfield, Prudential Plc, Annington Homes, Telereal and Capital & Counties.
Phil has led the tax structuring in relation to a number of high profile property transactions including:
- British Land’s complex joint ventures in relation to Meadowhall Shopping Centre, the Broadgate estate, the Leadenhall ‘Cheesegrater’ building and its Sainbury’s portfolio
- Telereal’s acquisition of Trillium from Land Securities Plc
- SEGRO Plc’s takeover of Brixton Plc
- structuring a number of new REITs, including Metric Property Investments Plc and London & Stamford Property Plc
For further information, please contact Phil Nicklin.