PART 1INTRODUCTORY
Overview
1(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
2In 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.