SCHEDULE 11RELIEF FOR ALTERNATIVE FINANCE INVESTMENT BONDS

PART 1INTRODUCTORY

Overview

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1

This Schedule makes provision for relief in the case of certain land transactions connected to alternative finance investment bonds.

2

The Schedule is arranged as follows—

a

this Part includes definitions of key terms (paragraph 2);

b

Part 2 provides that certain events relating to an alternative finance investment bond are not to be treated as chargeable transactions (paragraph 3) and provides for exceptions to that (paragraph 4);

c

Part 3 sets out the general conditions which apply to the operation of the reliefs provisions in Part 4;

d

Part 4 provides for relief for certain transactions (paragraphs 13 and 15) as well as making provision about withdrawal of relief (paragraph 14) and circumstances where relief is not available (paragraph 17);

e

Part 5 sets out how to apply the relief provisions in cases where the underlying asset is replaced by another asset (paragraph 18) and imposes a duty on WRA to notify the Chief Land Registrar when a charge registered under this Schedule is discharged (paragraph 19).

Interpretation

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In this Schedule—

  • “"alternative finance investment bond”” (“"bond buddsoddi cyllid arall”") means arrangements to which section 564G of the Income Tax Act 2007 (c. 3) (investment bond arrangements) applies;

  • “"arrangements”” (“"trefniadau”") includes any agreement, understanding, scheme, transaction or series of any of those things (whether or not legally enforceable);

  • “"bond assets”” (“"asedau bond”"), “"bond-holder”” (“"deiliad bond”"), “"bond-issuer”” (“"dyroddwr bond”") and “"capital”” (“"cyflafaf”") have the meaning given by section 564G of the Income Tax Act 2007 (c. 3);

  • “"prescribed”” (“"rhagnodedig”") means prescribed in regulations made by the Welsh Ministers;

  • “"qualifying interest”” (“"buddiant cymwys”") means a major interest in land other than a lease for a term of 21 years or less.