SCHEDULE 8Relief for alternative finance investment bonds

PART 1Overview and interpretation

Overview of relief

1

(1)

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

(2)

It is arranged as follows—

  • Part 2 provides that certain events relating to a bond are not to be treated as chargeable transactions (except in certain cases),

  • Part 3 sets out general conditions for the operation of the reliefs in Part 4,

  • Part 4 provides for relief in the case of certain transactions (and withdrawal of that relief),

  • Part 5 makes provision about supplementary matters including when the reliefs in Part 4 are not available.

Meaning of “alternative finance investment bond”

2

In this schedule, “alternative finance investment bond” means arrangements to which section 564G of the Income Tax Act 2007 (c.3) (investment bond arrangements) applies.

Interpretation

3

In this schedule—

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

  • “prescribed” means prescribed in regulations made by the Scottish Ministers,

  • “qualifying interest” means a major interest in land other than a lease for a period of 21 years or less.