Finance Act 2003, Cross Heading: Co-ownership scheme seeding relief is up to date with all changes known to be in force on or before 30 July 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.
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
F2Words in Sch. 7A para. 10 cross-heading substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(4) (with reg. 63)
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 “[F3co-ownership scheme] seeding relief”.
(2)Condition A is that the purchaser is a co-ownership F4... 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 F5... 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).
[F6(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
F3Words in Sch. 7A para. 10(1) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(a) (with reg. 63)
F4Word in Sch. 7A para. 10(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(b) (with reg. 63)
F5Word in Sch. 7A para. 10(4) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(c) (with reg. 63)
F6Sch. 7A para. 10(5A)(5B) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(d) (with reg. 63)
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