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Finance Act 2016

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7(1)Section 81 (further return where relief withdrawn) is amended as follows.E+W+S+N.I.

(2)In subsection (1)—

(a)omit “or” at the end of paragraph (b), and

(b)after paragraph (b) insert—

(ba)paragraph 5, 7 or 8 of Schedule 7A (PAIF seeding relief),

(bb)paragraph 13, 17 or 18 of Schedule 7A (COACS seeding relief), or.

(3)In subsection (1A), after “transactions)” insert “ , or under paragraph 6 of Schedule 7A (PAIF seeding relief) or paragraph 14 or 16 of Schedule 7A (COACS seeding relief), ”.

(4)In subsection (1B), after paragraph (e) insert—

(f)in the case of relief under paragraph 6 of Schedule 7A (PAIF seeding relief: portfolio test)—

(i)where relief is withdrawn under paragraph 6(1), the last day of the seeding period (see paragraph 3 of that Schedule), or

(ii)where relief is withdrawn under paragraph 6(3), the first time mentioned in paragraph 6(3)(a) or (b) at which the portfolio test was not met;

(g)in the case of relief under paragraph 14 of Schedule 7A (COACS seeding relief: genuine diversity of ownership condition), the first time mentioned in paragraph 14(1) at which the genuine diversity of ownership condition was not met;

(h)in the case of relief under paragraph 16 of Schedule 7A (COACS seeding relief: portfolio test)—

(i)where relief is withdrawn under paragraph 16(1), the last day of the seeding period (see paragraph 11 of that Schedule), or

(ii)where relief is withdrawn under paragraph 16(3), the first time mentioned in paragraph 16(3)(a) or (b) at which the portfolio test was not met.

(5)In subsection (4), after paragraph (b) insert—

(ba)in relation to the withdrawal of PAIF seeding relief—

(i)the purchaser ceasing to be a property AIF as mentioned in paragraph 5 of Schedule 7A,

(ii)a person making a relevant disposal of units as mentioned in paragraph 7 of that Schedule, or

(iii)the grant of permission to a non-qualifying individual to occupy a dwelling as mentioned in paragraph 8 of that Schedule;

(bb)in relation to the withdrawal of COACS seeding relief—

(i)the purchaser ceasing to be a co-ownership authorised contractual scheme as mentioned in paragraph 13 of Schedule 7A,

(ii)a person making a relevant disposal of units as mentioned in paragraph 17 of that Schedule, or

(iii)the grant of permission to a non-qualifying individual to occupy a dwelling as mentioned in paragraph 18 of that Schedule;.

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