24(1)The reliefs provided by paragraphs 15 and 19 (and paragraph 21 so far as it relates to those paragraphs) are not available if control of the underlying asset is acquired by—S
(a)a bond-holder, or
(b)a group of connected bond-holders.
(2)A bond-holder (BH), or a group of connected bond-holders, acquires control of the underlying asset if—
(a)the rights of bond-holders under an alternative finance investment bond include the right of management and control of the bond assets, and
(b)BH, or the group, acquires sufficient rights to enable BH, or the members of the group acting jointly, to exercise the right of management and control of the bond assets to the exclusion of any other bond-holders.
(3)In accordance with sub-paragraph (1), in the case of relief provided by paragraph 15—
(a)if BH, or the group, acquires control of the underlying asset before the end of the period of 30 days beginning with the effective date of the first transaction, paragraph 15 does not apply, and
(b)if BH, or the group, acquires control of the underlying asset after the end of that period and conditions A to C have been met, the relief is treated as withdrawn under paragraph 16.
Commencement Information
I1 Sch. 8 para. 24 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2