SCHEDULES
F1SCHEDULE 7APaif seeding relief and coacs seeding relief
PART 2Co-ownership authorised contractual schemes
COACS seeding relief
10
1
A land transaction is exempt from charge if conditions A to D are met.
Relief under this paragraph is referred to in this Part of this Act as “COACS seeding relief”.
2
Condition A is that the purchaser is a co-ownership authorised contractual scheme (see section 102A).
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 co-ownership authorised contractual scheme 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 11).
6
This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).
Sch. 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