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).