Paragraph 1 F1
A land transaction is exempt from charge if conditions A to D are met.
Relief under this paragraph is referred to in this Part of this Act as “PAIF seeding relief”.
Condition A is that the purchaser is a property AIF (see paragraph 2).
Condition B is that the main subject-matter of the transaction consists of a major interest in land.
Condition C is that the only consideration for the transaction is the issue of units in the property AIF to a person who is the vendor.
Condition D is that the effective date of the transaction is a day within the seeding period (see paragraph 3).
This paragraph is subject to paragraph 4 (restrictions on availability of relief) and paragraphs 5 to 8 (withdrawal of relief).
Annotations
Textual amendments
- F1
Sch. 7A inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 4
Notes on Schedule 7A
Textual amendments
- F2
Sch. 7A heading substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(2) (with reg. 63)