Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 11

Condition 6: holding the land interest as a bond asset

Section 11 sets out the sixth condition for the alternative finance relief provisions, requiring that the financial institution (B) must hold the interest in the land as a bond asset for the full duration of the bond arrangement.

• This is one of several conditions that must be met for a land transaction to qualify for alternative finance (investment bond) relief.
• The financial institution (referred to as "B") must hold the interest in the land specifically as an asset of the bond.
• The land interest must remain a bond asset throughout the entire life of the bond — from inception to termination.
• If the institution ceases to hold the land as a bond asset before the bond terminates, this condition will not be satisfied and the relief may not apply.