Relief for the second transaction
This section has no associated Explanatory Notes
15(1)The second transaction is relieved from tax if—
(a)each of conditions 1 to 7 is met, and
(b)the provisions of this Act and TCMA in relation to the first transaction are complied with.
(2)Where the qualifying interest in land is replaced as the bond asset by an interest in other land, sub-paragraph (1) is subject to paragraph 18 (replacement of asset).
(3)Sub-paragraph (1) is also subject to paragraph 17 (no relief where bond-holder acquires control of underlying asset).