Source: http://www.legislation.gov.uk/anaw/2017/1/schedule/11
Timestamp: 2020-07-07 15:11:07
Document Index: 536166463

Matched Legal Cases: ['art. 3', 'art. 2', 'ART 2', 'art. 3', 'art. 3', 'ART 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 3', 'art. 3', 'ART 5', 'art. 3', 'art. 2', 'art. 3', 'art. 3']

Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, SCHEDULE 11 is up to date with all changes known to be in force on or before 07 July 2020. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
SCHEDULE 11E+WRELIEF FOR ALTERNATIVE FINANCE INVESTMENT BONDS
1(1)This Schedule makes provision for relief in the case of certain land transactions connected to alternative finance investment bonds.E+W
I1Sch. 11 para. 1 in force at 1.4.2018 by S.I. 2018/34, art. 3
2E+WIn this Schedule—
I2Sch. 11 para. 2 in force at 18.10.2017 by S.I. 2017/953, art. 2(e)(i)
PART 2 E+WISSUE, TRANSFER AND REDEMPTION OF RIGHTS UNDER BOND NOT TO BE TREATED AS CHARGEABLE TRANSACTION
Bond-holder not to be treated as having an interest in the bond assetsE+W
3E+WFor the purposes of this Act—
(a)the bond-holder under an alternative finance investment bond is not treated as having an interest in the bond assets;
I3Sch. 11 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3
I4Sch. 11 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3
PART 3 E+WCONDITIONS FOR OPERATION OF RELIEFS ETC.
5E+WThis Part of this Schedule defines conditions 1 to 7 for the purposes of paragraphs 13 to 16 and 18.
I5Sch. 11 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3
6E+WCondition 1 is that one person (““A””) and another (““B””) enter into arrangements under which—
I6Sch. 11 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3
Condition 2E+W
7E+WCondition 2 is that—
I7Sch. 11 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3
I8Sch. 11 para. 8 in force at 1.4.2018 by S.I. 2018/34, art. 3
Condition 4E+W
I9Sch. 11 para. 9(1) in force at 18.10.2017 for specified purposes by S.I. 2017/953, art. 2(e)(ii)
I10Sch. 11 para. 9(1) in force at 1.4.2018 in so far as not already in force by S.I. 2018/34, art. 3
I11Sch. 11 para. 9(2) in force at 1.4.2018 by S.I. 2018/34, art. 3
10E+WCondition 5 is that the total of the payments of capital made to B before the termination of the bond is not less than 60% of the market value of the interest in the land on the effective date of the first transaction.
I12Sch. 11 para. 10 in force at 1.4.2018 by S.I. 2018/34, art. 3
11E+WCondition 6 is that B holds the interest in the land as a bond asset until the termination of the bond.
I13Sch. 11 para. 11 in force at 1.4.2018 by S.I. 2018/34, art. 3
Condition 7E+W
12E+WCondition 7 is that—
(a)before the end of the period of 30 days beginning with the date on which the interest in the land ceases to be held as a bond asset, the interest is transferred by B to A (““the second transaction””), and
I14Sch. 11 para. 12 in force at 1.4.2018 by S.I. 2018/34, art. 3
I15Sch. 11 para. 13 in force at 1.4.2018 by S.I. 2018/34, art. 3
I16Sch. 11 para. 14 in force at 1.4.2018 by S.I. 2018/34, art. 3
C1Sch. 11 para. 15 restricted (1.4.2018) by The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 (S.I. 2018/126), regs. 1(2), 6
I17Sch. 11 para. 15 in force at 1.4.2018 by S.I. 2018/34, art. 3
16E+WIf, after the effective date of the second transaction, B provides WRA with the prescribed evidence that each of conditions 1 to 3 and 5 to 7 has been met, the land ceases to be subject to the charge registered in pursuance of condition 4.
I18Sch. 11 para. 16 in force at 18.10.2017 for specified purposes by S.I. 2017/953, art. 2(e)(iii)
I19Sch. 11 para. 16 in force at 1.4.2018 in so far as not already in force by S.I. 2018/34, art. 3
I20Sch. 11 para. 17 in force at 1.4.2018 by S.I. 2018/34, art. 3
PART 5 E+WSUPPLEMENTARY
Replacement of assetE+W
18(1)Paragraphs 13 to 16 apply with the modifications set out in sub-paragraph (2) or (as the case may be) (3) if—E+W
(a)conditions 1 to 3 and 7 are met in relation to an interest in land (““the original land””),
(c)A and B enter into further arrangements satisfying condition 1 relating to an interest in other land (““the replacement land””), and
I21Sch. 11 para. 18(1)-(3)(4)(b)(6) in force at 1.4.2018 by S.I. 2018/34, art. 3
I22Sch. 11 para. 18(4)(a)(5) in force at 18.10.2017 for specified purposes by S.I. 2017/953, art. 2(e)(iv)
I23Sch. 11 para. 18(4)(a)(5) in force at 1.4.2018 in so far as not already in force by S.I. 2018/34, art. 3
WRA to notify Registrar of discharge of chargeE+W
19(1)Where a charge is discharged in accordance with paragraph 16 or 18(4) or (5), WRA must notify the Chief Land Registrar of the discharge in accordance with land registration rules (within the meaning of the Land Registration Act 2002 (c. 9)).E+W
I24Sch. 11 para. 19 in force at 1.4.2018 by S.I. 2018/34, art. 3