SCHEDULES
F1SCHEDULE 7APaif seeding relief and coacs seeding relief
Annotations:
Amendments (Textual)
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).
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