# Finance Act 2003, Paragraph 1


(1) 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”.
(2) Condition A is that the purchaser is a property AIF (see paragraph 2).
(3) Condition B is that the main subject-matter of the transaction consists of a major interest in land.
(4) 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.
(5) Condition D is that the effective date of the transaction is a day within the seeding period (see paragraph 3).
(6) This paragraph is subject to paragraph 4 (restrictions on availability of relief) and paragraphs 5 to 8 (withdrawal of relief).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/7A/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.