Paragraph 31 I1

United Kingdom

(1)

Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.

(2)

Paragraph 1 (interpretation) is amended as follows.

(3)

In sub-paragraph (1)—

(a)

before the definition of “HMRC” insert—

““effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;”;

(b)

omit the definition of “qualifying interest”.

F1(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

Paragraph 5 (conditions for operation of relief) is amended as follows.

(6)

In sub-paragraph (6) (Condition D)—

(a)

after “Condition D” insert “ (which applies in the case of land in England and Wales or Northern Ireland) ”;

(b)

omit paragraph (b).

(7)

In sub-paragraph (7) (charge or security for purposes of Condition D)—

(a)

omit “or security”;

(b)

in paragraph (a) omit “, or a security ranking first granted over,”.

(8)

In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(9)

In paragraph 7 (withdrawal of relief in certain circumstances)—

(a)

in sub-paragraph (1) after “This paragraph applies if” insert “ paragraph 6 applies but ”;

(b)

in sub-paragraph (2) after “This paragraph also applies if” insert “ paragraph 6 applies but ”.

(10)

In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.

(11)

In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(12)

In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(13)

In paragraph 18(5) and (6) (discharge of charge if original land replaced)—

(a)

for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”;

(b)

omit “or security”.

(14)

In paragraph 19(1) (HMRC to notify Registrar of discharge)—

(a)

omit “or security”;

(b)

omit paragraph (b).

Annotations

Textual amendments

F1: Sch. 3 para. 31(4) omitted (with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 16; S.I. 2018/214, art. 2(a)

Commencement

I1: Sch. 3 para. 31 has effect as specified by The Scotland Act 2012, Section 29 (Disapplication of UK Stamp Duty Land Tax) (Appointed Day) Order 2015 (S.I. 2015/637), art. 2