Property Income Certificates (PINCS) were conceived as a means of unitising properties. They will enable investors to acquire a direct investment in part of a property as if they owned an interest in the property itself. In this way they can enjoy the income and capital growth from the property proportionate to their holding. The tax treatment applied to them will be similar to that appropriate to a holder of property. PINCS once floated will be saleable without restriction. Minority investors will have protections and a voice in the management of the relevant company. This paper discusses the legal framework, which, whilst novel, will be relatively simple to establish. The floating of a property on the PINCS market will follow similar principles to those adopted in the listing of a property company.
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