SCHEDULES

SCHEDULE 61Alternative finance investment bonds

Part 1Introductory

Interpretation

1

1

In this Schedule—

  • “alternative finance investment bond” means arrangements F3to which section 564G of ITA 2007 or section 151N of TCGA 1992 (investment bond arrangements) applies ;

  • “bond assets”, “bond-holder”, “bond-issuer” and “capital” have the meaning given by that section;

  • F1“effective date”, for a transaction relating to land in Scotland F4or Wales, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland F4or Wales;

  • “HMRC” means Her Majesty's Revenue and Customs;

  • “prescribed” means prescribed in regulations made by HMRC;

  • F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F51A

In this Schedule “qualifying interest” means—

a

in relation to land in England and Wales—

i

an estate in fee simple absolute, or

ii

a term of years absolute,

whether subsisting at law or in equity;

b

in relation to land in Scotland—

i

the interest of an owner of land, or

ii

the tenant's right over or interest in a property subject to a lease;

c

in relation to land in Northern Ireland—

i

any freehold estate, or

ii

any leasehold estate,

whether subsisting at law or in equity;

except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.

F22

Section 564S of ITA 2007 (treatment of bond-holder and bond-issuer) applies for the purposes of any enactment about stamp duty land tax as it applies for the purposes of the Income Tax Acts.