Scotland Act 2012

Valid from 01/07/2012

Finance Act 2009 U.K.

31 (1) Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows. U.K.

(2) Paragraph 1 (interpretation) is amended as follows.

(3) In sub-paragraph (1)—

(a) before the definition of “HMRC” insert—

““effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;”;

(b) omit the definition of “qualifying interest”.

(4) After sub-paragraph (1) insert—

“(1A) In this Schedule “qualifying interest”—

(a) in relation to land in England and Wales or Northern Ireland, means a major interest in land (within the meaning given by section 117 of FA 2003) except that it does not include a lease for a term of years of 21 years or less;

(b) in relation to land in Scotland, means—

(i) the interest of an owner of land, or

(ii) the tenant's right over or interest in a property subject to a lease,

except that it does not include a lease for a period of 21 years or less.”

(5) Paragraph 5 (conditions for operation of relief) is amended as follows.

(6) In sub-paragraph (6) (Condition D)—

(a) after “Condition D” insert “ (which applies in the case of land in England and Wales or Northern Ireland) ”;

(b) omit paragraph (b).

(7) In sub-paragraph (7) (charge or security for purposes of Condition D)—

(a) omit “or security”;

(b) in paragraph (a) omit “, or a security ranking first granted over,”.

(8) In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(9) In paragraph 7 (withdrawal of relief in certain circumstances)—

(a) in sub-paragraph (1) after “This paragraph applies if” insert “ paragraph 6 applies but ”;

(b) in sub-paragraph (2) after “This paragraph also applies if” insert “ paragraph 6 applies but ”.

(10) In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.

(11) In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(12) In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(13) In paragraph 18(5) and (6) (discharge of charge if original land replaced)—

(a) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”;

(b) omit “or security”.

(14) In paragraph 19(1) (HMRC to notify Registrar of discharge)—

(a) omit “or security”;

(b) omit paragraph (b).