{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-10",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-10.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/7A/paragraph/10",
  "kind": "paragraph",
  "number": "10",
  "heading": null,
  "text": "(1) A land transaction is exempt from charge if conditions A to D are met.\nRelief under this paragraph is referred to in this Part of this Act as “co-ownership scheme seeding relief”.\n(2) Condition A is that the purchaser is a co-ownership ... contractual scheme (see section 102A).\n(3) Condition B is that the main subject-matter of the transaction consists of a major interest in land.\n(4) Condition C is that the only consideration for the transaction is the issue of units in the co-ownership ... contractual scheme to a person who is the vendor.\n(5) Condition D is that the effective date of the transaction is a day within the seeding period (see paragraph 11).\n(5A) But condition D is met in a case where the purchaser is a Reserved Investor Fund (Contractual Scheme) only if an entry notice has been given in relation to the scheme on or before the effective date.\n(5B) In sub-paragraph (5A), “entry notice” has the meaning it has in the Co-ownership Contractual Schemes (Tax) Regulations 2025.\n(6) This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 7A para. 10(1) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(a) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 7A para. 10(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(b) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in Sch. 7A para. 10(4) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(c) (with reg. 63)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 7A para. 10(5A)(5B) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 59(5)(d) (with reg. 63)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/7A/paragraph/10",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}