SCHEDULES

F1SCHEDULE 7APaif seeding relief and coacs seeding relief

Annotations:
Amendments (Textual)
F1

Sch. 7A inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 4

PART 1Property authorised investment funds

PAIF seeding relief

1

1

A land transaction is exempt from charge if conditions A to D are met.

Relief under this paragraph is referred to in this Part of this Act as “PAIF seeding relief”.

2

Condition A is that the purchaser is a property AIF (see paragraph 2).

3

Condition B is that the main subject-matter of the transaction consists of a major interest in land.

4

Condition C is that the only consideration for the transaction is the issue of units in the property AIF to a person who is the vendor.

5

Condition D is that the effective date of the transaction is a day within the seeding period (see paragraph 3).

6

This paragraph is subject to paragraph 4 (restrictions on availability of relief) and paragraphs 5 to 8 (withdrawal of relief).