1(1)In this Schedule—U.K.
“alternative finance investment bond” means arrangements [F1to 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;
[F2“effective date”, for a transaction relating to land in Scotland [F3or 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 [F3or Wales];]
“HMRC” means Her Majesty's Revenue and Customs;
“prescribed” means prescribed in regulations made by HMRC;
F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(1A)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.]
[F6(2)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.]
Textual Amendments
F1Words in Sch. 61 para. 1(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 229(2) (with Sch. 9 paras. 1-9, 22)
F2Words in Sch. 61 para. 1(1) inserted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(3)(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F3Words in Sch. 61 para. 1(1) inserted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 14(2); S.I. 2018/214, art. 2(a)
F4Words in Sch. 61 para. 1(1) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(3)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F5Sch. 61 para. 1(1A) substituted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 14(3); S.I. 2018/214, art. 2(a)
F6Sch. 61 para. 1(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 229(3) (with Sch. 9 paras. 1-9, 22)