# Finance Act 2003, Paragraph 10


(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 “co-ownership scheme seeding relief”.
(2) Condition A is that the purchaser is a co-ownership ... contractual scheme (see section 102A).
(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 co-ownership ... contractual scheme 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 11).
(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.
(5B) In sub-paragraph (5A), “entry notice” has the meaning it has in the Co-ownership Contractual Schemes (Tax) Regulations 2025.
(6) This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/7A/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-7A/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.