Section 65A — Finance Act 2003: Seeding relief

Seeding relief 65A 1 Schedule 7A provides for relief from stamp duty land tax.

2 In that Schedule—

a Part 1 makes provision for relief for property authorised investment funds (PAIF seeding relief),

and b Part 2 makes provision for relief for co-ownership authorised contractual schemes and Reserved Investor Funds (Contractual Schemes) (co-ownership scheme seeding relief) .

3 Any relief under that Schedule must be claimed in a land transaction return or an amendment of such a return, and must be accompanied by a notice to HMRC referring to the claim.

4 In the case of a claim for PAIF seeding relief, the notice must confirm that the purchaser is—

a a property AIF as defined in paragraph 2(2) of Schedule 7A, or b a company treated as a property AIF by virtue of paragraph 2(5) of Schedule 7A (equivalent EEA funds).

5 In the case of a claim for co-ownership scheme seeding relief, the notice must confirm that the purchaser is—

a a co-ownership authorised contractual scheme or a Reserved Investor Fund (Contractual Scheme) as defined in section 102A(8), or b an entity treated as a co-ownership authorised contractual scheme by virtue of section 102A(7) (equivalent EEA schemes).

6 The notice must be in such form, and contain such further information, as HMRC may require.

7 Co-ownership scheme seeding relief may not be claimed where the purchaser is a Reserved Investor Fund (Contractual Scheme) if the scheme—

a has previously claimed such relief, and b following that claim ceased, at any time, to be a Reserved Investor Fund (Contractual Scheme).