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Prospective

SCHEDULE 4E+WCHARGEABLE CONSIDERATION

Arrangements involving public or educational bodiesE+W

18(1)This paragraph applies in any case where arrangements are entered into under which—E+W

(a)there is a transfer, or the grant or assignment of a lease, of land by a qualifying body (““A””) to a person who is not a qualifying body (““B””) (““the main transfer””),

(b)in consideration (whether in whole or in part) of the main transfer there is a grant by B to A of a lease or sub-lease of the whole, or substantially the whole, of that land (““the leaseback””),

(c)B undertakes to carry out works or provide services to A, and

(d)some or all of the consideration given by A to B for the carrying out of those works or the provision of those services is consideration in money,

whether or not there is also a transfer, or the grant or assignment of a lease, of any other land by A to B (a ““transfer of surplus land””).

(2)The following are qualifying bodies—

(a)public bodies within paragraph 1 of Schedule 20 or specified in regulations under that paragraph (relief for certain transactions involving public bodies);

(b)institutions within the further education sector or the higher education sector within the meaning of section 91 of the Further and Higher Education Act 1992 (c. 13);

(c)further education corporations within the meaning of section 17 of that Act;

(d)higher education corporations within the meaning section 90 of that Act.

(3)The following do not count as chargeable consideration for the main transfer or any transfer of surplus land—

(a)the leaseback,

(b)the carrying out of building works by B for A, or

(c)the provision of services by B to A.

(4)The chargeable consideration for the leaseback does not include—

(a)the main transfer,

(b)any transfer of surplus land, or

(c)the consideration in money paid by A to B for the building works or other services referred to in sub-paragraph (3).

(5)Sub-paragraphs (3) and (4) are to be disregarded for the purposes of determining whether the land transaction in question is notifiable.