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Portrait of Phil Nicklin

Phil Nicklin

Partner
Head of REITs and Structured Transactions

CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Phil heads the REITs and Structured Transactions Team within Tax.

Phil was one of the main architects of the UK REIT regime and has been involved in most of the high-profile transactions involving REITs since inception of the REIT regime in 2007.  He advises institutions, fund managers, sovereign wealth funds and private equity funds on structuring institutionally owned REITs.

He has also been one of the Government’s key property tax advisors on the conceptual and technical aspects of many other tax regimes including Non-Resident Capital Gains Tax, Corporate Interest Restrictions, Transactions in UK Land, and the Substantial Shareholdings Exemption. Phil advises funds, REITs and major property groups on these complex areas of tax.

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Relevant experience

  • British Land on its joint venture with GIC, the Government of Singapore’s sovereign wealth fund, over its c.£1bn Paddington Central campus.
  • British Land on its joint venture with AustralianSuper over the 53-acre site at Canada Water, London.
  • Land Securities on its joint venture over MediaCity.
  • Life Sciences REIT on its acquisitions and REIT conversion.
  • British Land on the disposal of its interest in the ‘Cheesegrater’ skyscraper, sold to CC Land for £1.15bn.
  • Land Securities on the disposal of its interest in the ‘Walkie-Talkie’ skyscraper, sold for £1.3bn.
  • Advice on the sale of Battersea Power Station for £1.6bn.
  • Broadgate REIT on the disposal of UBS’s London HQ for £1bn.
  • Structuring the Broadgate REIT which holds c. £4bn of property, and is jointly owned by British Land and GIC.
  • Annington on its £4bn refinancing.
  • UPP on structuring an institutionally owned £3bn student accommodation REIT.
  • Conversion of Capco into a REIT owning c.£3bn of assets in Covent Garden.
  • Hammerson on the disposal of a 50% stake in Highcross Shopping Centre in Leicester for £236m.
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Education

  • 1994 – Fellow (by thesis), Chartered Institute of Taxation
  • 1983 - Fellow, Institute of Chartered Accountants in England and Wales 
  • 1977 – BSc. (Hons) Pure Mathematics, Birmingham University  
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Expertise

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20/01/2022
Pil­lar Two – the OECD mod­el rules and UK im­ple­ment­a­tion
The “Pil­lar Two” mod­el rules are part of the OECD’s “Two Pil­lar Solu­tion”, which aims to ad­dress the tax chal­lenges posed by the di­git­al­isa­tion of the eco­nomy. However, the scope of the rules...
26/11/2021
Qual­i­fy­ing as­set hold­ing com­pan­ies ("QAHCS") - An up­date on im­port­ant new...
As part of its drive to in­crease the at­tract­ive­ness of the UK as an as­set man­age­ment and in­vest­ment hub, the UK Gov­ern­ment has in­cluded in the Fin­ance Bill re­vised draft le­gis­la­tion for a gen­er­ous new...
15/11/2021
Key tax changes for the real es­tate sec­tor – Au­tumn Budget 2021 and the...
Against the back­drop of sev­er­al con­sulta­tions cov­er­ing real es­tate taxes – such as the re­view of busi­ness rates and the VAT land ex­emp­tion – it may not have been a sur­prise if Budget day her­al­ded...
26/10/2021
Tax­a­tion of RE­ITs ringing in the changes
The UK RE­IT re­gime is widely re­garded as the gov­ern­ment’s flag­ship prop­erty in­vest­ment re­gime. Giv­en the grow­ing trend to use ‘on­shore’ vehicles for UK prop­erty in­vest­ment and the im­pend­ing in­crease...
11/10/2021
Res­id­en­tial Prop­erty De­veloper Tax - build-to-rent and non-profit hous­ing...
The gov­ern­ment has de­cided that the RP­DT will not be chargeable on build-to-rent (“BTR”) in­vestors, or non-profit hous­ing com­pan­ies. Build-to-rent On Fri­day, HM Treas­ury an­nounced to cer­tain key stake­hold­ers...
06/10/2021
Res­id­en­tial Prop­erty De­veloper Tax – a clear­er pic­ture emerges
Fur­ther to its con­sulta­tion earli­er this year, the gov­ern­ment has now re­leased draft le­gis­la­tion for the res­id­en­tial prop­erty de­veloper tax (“RP­DT”). The draft le­gis­la­tion does an­swer some key ques­tions...
23/07/2021
Draft Fin­ance Bill 2021-22: key tax changes for the real es­tate sec­tor
The pub­lic­a­tion of draft le­gis­la­tion to be in­cluded in the Fin­ance Bill 2021-22, along­side sev­er­al con­sulta­tions and re­sponses, her­alds sig­ni­fic­ant changes for tax in the real es­tate sec­tor. Real Es­tate...
23/07/2021
Qual­i­fy­ing As­set Hold­ing Com­pan­ies (“QAHCs”) – im­port­ant new UK tax re­liefs
As part of its drive to in­crease the at­tract­ive­ness of the UK as an as­set man­age­ment and in­vest­ment hub, the UK Gov­ern­ment has an­nounced pro­pos­als for a gen­er­ous new re­gime for the tax­a­tion of UK res­id­ent...
10/06/2021
The “clad­ding tax”: the gov­ern­ment’s con­sulta­tion on the Res­id­en­tial Prop­erty...
Earli­er this year, the gov­ern­ment an­nounced its plan to in­tro­duce a new Res­id­en­tial Prop­erty De­veloper Tax (the “RP­DT”). Col­lo­qui­ally also known as the “clad­ding tax”, the tax’s stated aim is...
24/07/2020
CMS UK RE­ITs
CMS is the No.1 law firm for RE­ITs.  The CMS RE­ITs team is led by Phil Nick­lin, Phil Nick­lin was one of the main ar­chi­tects of the UK RE­IT re­gime and the CMS RE­ITs team in­cludes spe­cial­ists in the fol­low­ing...
02/06/2020
CMS ap­points lead­ing real es­tate tax spe­cial­ist as part­ner
In­ter­na­tion­al law firm CMS is pleased to an­nounce the ap­point­ment of real es­tate in­vest­ment trust (RE­IT) spe­cial­ist Phil Nick­lin as a tax part­ner in the Cor­por­ate prac­tice based in Lon­don. Phil joins...