Paragraph 11 F1

In this Part of this Schedule, subject to sub-paragraph (2), the “seeding period” means—

The co-ownership F3... contractual scheme may elect to bring the seeding period to an end sooner than it would otherwise end under sub-paragraph (1).

An election under sub-paragraph (2) may be made—

In sub-paragraphs (1) and (2), “the first property seeding date” means the earliest effective date of a transaction in respect of which conditions A to C in paragraph 10 are met.

In this paragraph—

• “external investment” means a non-land transaction in which the vendor is an external investor;

• “external investor” means a person other than a person who has been a vendor in a transaction—

  1. (a)

     the effective date of which is on or before the date of the non-land transaction, and

  2. (b)

     in respect of which conditions A to C in paragraph 10 are met;

• “non-land transaction” means a transaction by which the scheme acquires assets which do not consist of or include a chargeable interest.