Finance Act 2009U.K.
31(1)Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.U.K.
(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).