Point in time view as at 08/02/2023.
Finance Act 2003, Paragraph 1 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F11(1)A land transaction is exempt from charge if conditions A to D are met.U.K.
Relief under this paragraph is referred to in this Part of this Act as “PAIF seeding relief”.
(2)Condition A is that the purchaser is a property AIF (see paragraph 2).
(3)Condition B is that the main subject-matter of the transaction consists of a major interest in land.
(4)Condition C is that the only consideration for the transaction is the issue of units in the property AIF to a person who is the vendor.
(5)Condition D is that the effective date of the transaction is a day within the seeding period (see paragraph 3).
(6)This paragraph is subject to paragraph 4 (restrictions on availability of relief) and paragraphs 5 to 8 (withdrawal of relief).]
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
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