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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.
2In this schedule, “alternative finance investment bond” means arrangements to which section 564G of the Income Tax Act 2007 (c.3) (investment bond arrangements) applies.
3In 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.