Part 2 Seeding Relief for Property Authorised Investment Funds and Co-Ownership Authorised Contractual Schemes
Finance Act 2016 (2016 c 24) | Legislation

Part 2 Seeding Relief for Property Authorised Investment Funds and Co-Ownership Authorised Contractual Schemes

2

FA 2003 is amended in accordance with this Part.

3

After section 65 insert—

“65A PAIF seeding relief and COACS seeding relief

(1)     Schedule 7A provides for relief from stamp duty land tax.

(2)     In that Schedule—

(a)     Part 1 makes provision for relief for property authorised investment funds (PAIF seeding relief), and

(b)     Part 2 makes provision for relief for co-ownership authorised contractual schemes (COACS seeding relief).

(3)     Any relief under that Schedule must be claimed in a land transaction return or an amendment of such a return, and must be accompanied by a notice to HMRC referring to the claim.

(4)     In the case of a claim for PAIF seeding relief, the notice must confirm that the purchaser is—

(a)     a property AIF as defined in paragraph 2(2) of Schedule 7A, or

(b)     a company treated as a property AIF by virtue of paragraph 2(5) of Schedule 7A (equivalent EEA funds).

(5)     In the case of a claim for COACS seeding relief, the notice must confirm that the purchaser is—

(a)     a co-ownership authorised contractual scheme as defined in section

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