Textual Amendments
F1Sch. 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
11(1)In this Part of this Schedule, subject to sub-paragraph (2), the “seeding period” means—U.K.
(a)the period beginning with the first property seeding date and ending with the date of the first external investment into the co-ownership authorised contractual scheme, or
(b)if shorter, the period of 18 months beginning with the first property seeding date.
(2)The co-ownership authorised contractual scheme may elect to bring the seeding period to an end sooner than it would otherwise end under sub-paragraph (1).
Where an election is made, the seeding period is the period beginning with the first property seeding date and ending with the date specified in the election.
(3)An election under sub-paragraph (2) may be made—
(a)by being included in a notice accompanying a claim for COACS seeding relief (see section 65A), or
(b)by separate notice in writing to HMRC.
(4)In sub-paragraphs (1) and (2), “the first property seeding date” means the earliest effective date of a transaction in respect of which conditions A to C in paragraph 10 are met.
(5)In this paragraph—
“external investment” means a non-land transaction in which the vendor is an external investor;
“external investor” means a person other than a person who has been a vendor in a transaction—
the effective date of which is on or before the date of the non-land transaction, and
in respect of which conditions A to C in paragraph 10 are met;
“non-land transaction” means a transaction by which the scheme acquires assets which do not consist of or include a chargeable interest.]