The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
28 Land transaction upon unauthorised contractual scheme becoming a RIF
(1) For the purposes of Part 4 of FA 2003, a land transaction is to be treated as having occurred at any time that an unauthorised contractual scheme with chargeable interests becomes a RIF. (2) In such a case— (a) the land transaction is the acquisition of chargeable interests by the RIF from the participants in the scheme, (b) the effective date of the transaction is the date specified in the entry notice in relation to the RIF under regulation 4(1)(b), (c) the chargeable consideration in respect of the transaction is the market value of the chargeable interests on that date, subject to the rest of this regulation, and (d) paragraph 14 of Schedule 15 to FA 2003 will not apply to the land transaction. (3) Paragraphs (4) and (5) apply in relation to cases where a RIF has previously been, and then ceased to be, a RIF before becoming a RIF as described in paragraph (1). (4) If between the time at which the scheme becomes an unauthorised contractual scheme and the effective date of the land transaction mentioned in paragraph (1)— (a) the scheme has not acquired any chargeable interests, and (b) there has been no change to the participants in the scheme during that time, there is no chargeable consideration in respect of the land transaction. (5) If between the time that the scheme becomes an unauthorised contractual scheme and the effective date of the land transaction mentioned in paragraph (1)— (a) the scheme has acquired chargeable interests, and (b) there has been no change to the participants in the scheme, the chargeable consideration in respect of the land transaction is the market value on the effective date of those chargeable interests acquired. (6) For the purposes of this regulation— (a) the definition of “chargeable interests” in section 48 of FA 2003 is to be read as if it included an interest (a “PIP interest”) in a property investment partnership within the meaning of paragraph 14(8) of Schedule 15 to that Act, and (b) the market value of a PIP interest is to be calculated in accordance with paragraph (7) as at the time immediately before the land transaction is treated as occurring under paragraph (1). (7) The market value of a PIP interest is to be calculated by the following steps: Step 1 Calculate the partnership share represented by the PIP interest in accordance with paragraph 34(2) of Schedule 15 to FA 2003. Step 2 Calculate the market value of the chargeable interests held at that time by or on behalf of the property investment partnership, or the members of the partnership, for the purposes of the partnership business, Step 3 The market value of the PIP interest is the partnership share (calculated under step 1) of the market value of the chargeable interests (calculated under step 2).
28 Land transaction upon unauthorised contractual scheme becoming a RIF
(1) For the purposes of Part 4 of FA 2003, a land transaction is to be treated as having occurred at any time that an unauthorised contractual scheme with chargeable interests becomes a RIF. (2) In such a case— (a) the land transaction is the acquisition of chargeable interests by the RIF from the participants in the scheme, (b) the effective date of the transaction is the date specified in the entry notice in relation to the RIF under regulation 4(1)(b), (c) the chargeable consideration in respect of the transaction is the market value of the chargeable interests on that date, subject to the rest of this regulation, and (d) paragraph 14 of Schedule 15 to FA 2003 will not apply to the land transaction. (3) Paragraphs (4) and (5) apply in relation to cases where a RIF has previously been, and then ceased to be, a RIF before becoming a RIF as described in paragraph (1). (4) If between the time at which the scheme becomes an unauthorised contractual scheme and the effective date of the land transaction mentioned in paragraph (1)— (a) the scheme has not acquired any chargeable interests, and (b) there has been no change to the participants in the scheme during that time, there is no chargeable consideration in respect of the land transaction. (5) If between the time that the scheme becomes an unauthorised contractual scheme and the effective date of the land transaction mentioned in paragraph (1)— (a) the scheme has acquired chargeable interests, and (b) there has been no change to the participants in the scheme, the chargeable consideration in respect of the land transaction is the market value on the effective date of those chargeable interests acquired. (6) For the purposes of this regulation— (a) the definition of “chargeable interests” in section 48 of FA 2003 is to be read as if it included an interest (a “PIP interest”) in a property investment partnership within the meaning of paragraph 14(8) of Schedule 15 to that Act, and (b) the market value of a PIP interest is to be calculated in accordance with paragraph (7) as at the time immediately before the land transaction is treated as occurring under paragraph (1). (7) The market value of a PIP interest is to be calculated by the following steps: Step 1 Calculate the partnership share represented by the PIP interest in accordance with paragraph 34(2) of Schedule 15 to FA 2003. Step 2 Calculate the market value of the chargeable interests held at that time by or on behalf of the property investment partnership, or the members of the partnership, for the purposes of the partnership business, Step 3 The market value of the PIP interest is the partnership share (calculated under step 1) of the market value of the chargeable interests (calculated under step 2).
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