SCHEDULE 8Relief for alternative finance investment bonds
PART 3General conditions for operation of reliefs etc.
Condition C
10
(1)
Condition C is that, for the purpose of generating income or gains for the alternative finance investment bond—
(a)
Q and P enter into a leaseback agreement, or
(b)
such other condition or conditions as may be specified in regulations made by the Scottish Ministers is or are met.
(2)
For the purposes of condition C, Q and P enter into a leaseback agreement if Q grants to P, out of the interest transferred to Q—
(a)
a lease (if the interest transferred is the interest of the owner), or
(b)
a sub-lease (if the interest transferred is the tenant’s right over or interest in land subject to a lease).