[Part 1 Property Authorised Investment Funds]
Finance Act 2003 (2003 c 14) | Legislation

[SCHEDULE 7A PAIF Seeding Relief and COACS Seeding Relief]

[Section 65A]

[Part 1 Property Authorised Investment Funds]

[PAIF seeding relief

1

(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 “PAIF seeding reliefâ€.

(2)     Condition A is that the purchaser is a property AIF (see paragraph 2).

(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 property AIF 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 3).

(6)     This paragraph is subject to paragraph 4 (restrictions on availability of relief) and paragraphs 5 to 8 (withdrawal of relief).

Meaning of “property AIFâ€

2

(1)     This paragraph has effect for the purposes of this Schedule.

(2)     A “property AIF†is an open-ended investment company to which Part 4A of the AIF (Tax) Regulations applies.

(3)     In sub-paragraph (2) “open-ended

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