SCHEDULES
SCHEDULE 61Alternative finance investment bonds
Part 3Transactions relating to underlying assets consisting of land
Supplementary
Relief not available if purpose of arrangements is improper
22
1
The reliefs provided by paragraphs 6 to 12 (and paragraph 18 so far as it relates to those paragraphs) are not available if the arrangements mentioned in paragraph 5(2)—
a
are not effected for genuine commercial reasons, or
b
form part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.
2
In sub-paragraph (1) “tax” means income tax, corporation tax, capital gains tax, stamp duty or stamp duty land tax.