1(1)This Schedule applies where—U.K.
(a)[F1a company receives] a payment or other benefit by way of inducement in connection with a transaction being entered into by [F2the company or a person connected with the company];
(b)that transaction (the “relevant transaction”) is one under which [F3the company receiving the payment or other benefit, or as the case may be the person connected with the company], becomes entitled to an estate or interest in, or a right in or over, land; and
(c)the payment or other benefit is paid or provided by—
(i)the person (“the grantor”) by whom that estate, interest or right is granted or was granted at an earlier time, or
(ii)a person connected with the grantor, or
(iii)a nominee of, or a person acting on the directions of, the grantor or a person connected with the grantor.
(2)The payment or other benefit is referred to in this Schedule as a “reverse premium”.
Textual Amendments
F1Words in Sch. 6 para. 1(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 509(2)(a) (with Sch. 2)
F2Words in Sch. 6 para. 1(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 509(2)(b) (with Sch. 2)
F3Words in Sch. 6 para. 1(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 509(2)(c) (with Sch. 2)