SCHEDULE 8Relief for alternative finance investment bonds

PART 4Relief for certain transactions

15The relief: first transaction

1

The first transaction is exempt from charge if—

a

it relates to an interest in land in Scotland, and

b

each of the conditions A to C is met before the end of the period of 30 days beginning with the effective date of the transaction.

2

This paragraph is subject to—

a

paragraphs 21 and 22 (where the interest in land is replaced as the bond asset by an interest in other land),

b

paragraph 24.