SCHEDULE 11RELIEF FOR ALTERNATIVE FINANCE INVESTMENT BONDS

PART 4RELIEF FOR CERTAIN TRANSACTIONS

Relief for the second transaction

I1C115

1

The second transaction is relieved from tax if—

a

each of conditions 1 to 7 is met, and

b

the provisions of this Act and TCMA in relation to the first transaction are complied with.

2

Where the qualifying interest in land is replaced as the bond asset by an interest in other land, sub-paragraph (1) is subject to paragraph 18 (replacement of asset).

3

Sub-paragraph (1) is also subject to paragraph 17 (no relief where bond-holder acquires control of underlying asset).