PART 4Co-ownership authorised contractual schemes
Description of co-ownership authorised contractual scheme under section 36(8) of LTTA4
1
A co-ownership authorised contractual scheme of the description in paragraph (2) is to be treated as not being a co-ownership authorised contractual scheme for the purposes of LTTA and TCMA as it applies in relation to land transaction tax.
2
The description is that the scheme is—
a
constituted under the law of an EEA State by contract,
b
managed by a body corporate incorporated under the law of an EEA State, and
c
authorised under the law of the EEA State mentioned in sub-paragraph (a) in a way which makes it, under that law, the equivalent of a co-ownership authorised contractual scheme defined in section 36(7) of LTTA.
3
This regulation has effect in relation to any land transaction with an effective date on or after exit day.