SCHEDULES
SCHEDULE 2Welsh tax on land transactions: consequential amendments
Finance Act 2009
13
Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended in accordance with paragraphs 14 and 15.
14
1
Paragraph 1 is amended as follows.
2
In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “
or Wales
”
.
3
For sub-paragraph (1A) substitute—
1A
In this Schedule “qualifying interest” means—
a
in relation to land in England and Wales—
i
an estate in fee simple absolute, or
ii
a term of years absolute,
whether subsisting at law or in equity;
b
in relation to land in Scotland—
i
the interest of an owner of land, or
ii
the tenant's right over or interest in a property subject to a lease;
c
in relation to land in Northern Ireland—
i
any freehold estate, or
ii
any leasehold estate,
whether subsisting at law or in equity;
except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.
15
In the following provisions omit “and Wales”—
a
paragraph 5(6) (in both places);
b
paragraph 6(1)(a);
c
paragraph 11(2);
d
paragraph 12(1)(b);
e
paragraph 18(5) and (6);
f
paragraph 19(1)(a).