Paragraph 10 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 “F2co-ownership scheme seeding relief”.

Condition A is that the purchaser is a co-ownership F3... contractual scheme (see section 102A).

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 co-ownership F4... contractual scheme 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 11).

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.

In sub-paragraph (5A), “entry notice” has the meaning it has in the Co-ownership Contractual Schemes (Tax) Regulations 2025.

This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).