Part 3 Transactions Relating to Underlying Assets Consisting of Land
Finance Act 2009 (2009 c 10) | Legislation

Part 3 Transactions Relating to Underlying Assets Consisting of Land

Introductory

General conditions for operation of reliefs etc

5

(1)     This paragraph defines conditions A to G for the purposes of paragraphs 6 to 18.

Paragraphs 20 and 22 set out circumstances in which the reliefs provided by paragraphs 6 to 18 are not available even if conditions A to G are met.

(2)     Condition A is that one person (“Pâ€) and another (“Qâ€) enter into arrangements under which—

(a)     P transfers to Q a qualifying interest in land (“the first transactionâ€), and

(b)     P and Q agree that when the interest ceases to be held by Q as mentioned in sub-paragraph (3)(b), Q will transfer the interest to P.

(3)     Condition B is that—

(a)     Q, as bond-issuer, enters into an alternative finance investment bond (whether before or after entering into the arrangements mentioned in sub-paragraph (2)), and

(b)     the interest in land to which those arrangements relate is held by Q as a bond asset.

(4)     Condition C is that, for the purpose of generating income or gains for the alternative finance investment bond—

(a)     Q and P enter into a leaseback agreement, or

(b)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

The supremacy of EU law

The supremacy of EU lawIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to continue with the contract, should they document their intention to continue or enter into a new contract?Long-stop dateAs stated in the Drafting Notes to clause: Long-stop date definition, the

LEXISNEXIS

Negligent misstatement—defences and remedies

Negligent misstatement—defences and remediesThere are a number of ways in which liability for negligent misstatement may be avoided and/or limited. For details on founding a claim of negligent misstatement, see Practice Note: Negligent misstatement—founding a claim.For guidance generally on clauses

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over