[Part 2 Co-Ownership Authorised Contractual Schemes]
Finance Act 2003 (2003 c 14) | Legislation

[Part 2 Co-Ownership Authorised Contractual Schemes]

[COACS seeding relief

10

(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 “COACS seeding reliefâ€.

(2)     Condition A is that the purchaser is a co-ownership authorised contractual scheme (see section 102A).

(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 co-ownership authorised contractual scheme 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 11).

(6)     This paragraph is subject to paragraph 12 (restrictions on availability of relief) and paragraphs 13, 14, 16, 17 and 18 (withdrawal of relief).

Meaning of “seeding periodâ€

11

(1)     In this Part of this Schedule, subject to sub-paragraph (2), the “seeding period†means—

(a)     the period beginning with the first property seeding date and ending with the date of the first external investment into the co-ownership authorised contractual scheme,

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