SCHEDULE 8Relief for alternative finance investment bonds
PART 3General conditions for operation of reliefs etc.
Condition C
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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).