SCHEDULE 10ALTERNATIVE PROPERTY FINANCE RELIEFS

PART 1INTRODUCTORY

Overview

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1

This Schedule makes provision for relief in the case of certain land transactions connected to alternative property finance arrangements.

2

The Schedule is arranged as follows—

a

Part 2 sets out the circumstances in which certain transactions are relieved from tax;

b

Part 3 sets out the circumstances where relief is not available;

c

Part 4 makes provision for an interest held by a financial institution in certain circumstances to be treated as an exempt interest;

d

Part 5 defines certain terms for the purposes of this Schedule.