14(1)In Schedule 17A (further provisions relating to leases), paragraph 11 (cases where assignment of lease treated as grant of lease) is amended as follows.U.K.
(2)In sub-paragraph (3), after paragraph (b) insert—
“(ba)Part 1 or 2 of Schedule 7A (PAIF seeding relief and COACS seeding relief);”.
(3)In sub-paragraph (4), after “acquisition relief” insert “ , PAIF seeding relief, COACS seeding relief ”.
(4)In sub-paragraph (5), after paragraph (b) insert—
“(ba)in relation to the withdrawal of PAIF seeding relief—
(i)the purchaser ceasing to be a property AIF as mentioned in paragraph 5 of Schedule 7A,
(ii)a person making a relevant disposal of units as mentioned in paragraph 7 of that Schedule, or
(iii)the grant of permission to a non-qualifying individual to occupy a dwelling as mentioned in paragraph 8 of that Schedule;
(bb)in relation to the withdrawal of COACS seeding relief—
(i)the purchaser ceasing to be a co-ownership authorised contractual scheme as mentioned in paragraph 13 of Schedule 7A,
(ii)a person making a relevant disposal of units as mentioned in paragraph 17 of that Schedule, or
(iii)the grant of permission to a non-qualifying individual to occupy a dwelling as mentioned in paragraph 18 of that Schedule;”.
(5)After sub-paragraph (5) insert—
“(6)This paragraph also does not apply where the relief in question is PAIF seeding relief or COACS seeding relief and is withdrawn as a result of a requirement not being met at a time which is before the effective date of the assignment of the lease.
(7)For the purposes of sub-paragraph (6), the reference to a requirement not being met is a reference to—
(a)in relation to the withdrawal of PAIF seeding relief under paragraph 6 of Schedule 7A, the portfolio test not being met (see paragraph 6(7));
(b)in relation to the withdrawal of COACS seeding relief under paragraph 14 of Schedule 7A, the genuine diversity of ownership condition not being met (see paragraph 15);
(c)in relation to the withdrawal of COACS seeding relief under paragraph 16 of Schedule 7A, the portfolio test not being met (see paragraph 16(7)).”