SCHEDULES

[F1SCHEDULE 7AU.K.[F2Seeding 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

PART 2U.K.Co-ownership F3... contractual schemes

Textual Amendments

[F4Co-ownership scheme] seeding reliefU.K.

Textual Amendments

10(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 “[F5co-ownership scheme] seeding relief”.

(2)Condition A is that the purchaser is a co-ownership F6... 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 F7... 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).

[F8(5A)But condition D is met in a case where the purchaser is a Reserved Investor Fund (Contractual Scheme) only if an entry notice has been given in relation to the scheme on or before the effective date.

(5B)In sub-paragraph (5A), “entry notice” has the meaning it has in the Co-ownership Contractual Schemes (Tax) Regulations 2025.]

(6)This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).]

Textual Amendments