31(1)Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.
(2)Paragraph 1 (interpretation) is amended as follows.
(3)In sub-paragraph (1)—
(a)before the definition of “HMRC” insert—
““effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;”;
(b)omit the definition of “qualifying interest”.
(4)After sub-paragraph (1) insert—
“(1A)In this Schedule “qualifying interest”—
(a)in relation to land in England and Wales or Northern Ireland, means a major interest in land (within the meaning given by section 117 of FA 2003) except that it does not include a lease for a term of years of 21 years or less;
(b)in relation to land in Scotland, means—
(i)the interest of an owner of land, or
(ii)the tenant’s right over or interest in a property subject to a lease,
except that it does not include a lease for a period of 21 years or less.”
(5)Paragraph 5 (conditions for operation of relief) is amended as follows.
(6)In sub-paragraph (6) (Condition D)—
(a)after “Condition D” insert “(which applies in the case of land in England and Wales or Northern Ireland)”;
(b)omit paragraph (b).
(7)In sub-paragraph (7) (charge or security for purposes of Condition D)—
(a)omit “or security”;
(b)in paragraph (a) omit “, or a security ranking first granted over,”.
(8)In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “England and Wales or Northern Ireland”.
(9)In paragraph 7 (withdrawal of relief in certain circumstances)—
(a)in sub-paragraph (1) after “This paragraph applies if” insert “paragraph 6 applies but”;
(b)in sub-paragraph (2) after “This paragraph also applies if” insert “paragraph 6 applies but”.
(10)In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.
(11)In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “England and Wales or Northern Ireland”.
(12)In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “England and Wales or Northern Ireland”.
(13)In paragraph 18(5) and (6) (discharge of charge if original land replaced)—
(a)for “the United Kingdom” substitute “England and Wales or Northern Ireland”;
(b)omit “or security”.
(14)In paragraph 19(1) (HMRC to notify Registrar of discharge)—
(a)omit “or security”;
(b)omit paragraph (b).