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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”.
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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).
Textual Amendments
F1Sch. 3 para. 31(4) omitted (with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 16; S.I. 2018/214, art. 2(a)
Commencement Information
I1Sch. 3 para. 31 has effect as specified by The Scotland Act 2012, Section 29 (Disapplication of UK Stamp Duty Land Tax) (Appointed Day) Order 2015 (S.I. 2015/637), art. 2