Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Sch 11 para 5

Defining conditions 1 to 7 for alternative finance investment bond relief

Schedule 11, paragraph 5 introduces Part 3 of the Schedule, which sets out the seven conditions that must be met for land transaction tax relief to apply to transactions involving alternative finance investment bonds.

• Part 3 of Schedule 11 defines seven specific conditions (conditions 1 to 7) relevant to alternative finance investment bond relief.
• These conditions are used to determine whether relief applies to the first transaction in an investment bond arrangement (paragraphs 13 to 16).
• The same conditions also apply, with modifications, where a bond asset is replaced with a different asset (paragraph 18).
• All seven conditions must be understood together, as they collectively govern eligibility for relief from land transaction tax on qualifying bond transactions.