Islamic Finance: Relief for Land backing Sukuk - Mazars - United Kingdom
Islamic Finance: Relief for Land backing Sukuk
The Finance Act 2009 has introduced new relief to remove the SDLT and tax on chargeable gains on the transfers of land assets pursuant to alternative finance investment bonds arrangements and back from the issuer to the owner within 10 years.
The main condition for claiming the relief is for a charge in favour of HMRC to be registered with the relevant registry against the title of the land used in the arrangements.
New regulations came into force on 13 August, prescribing the evidence that must be provided to HMRC in connection with the registration.
The regulations set out the documentation required from the original transfer and creation of the charge to the point where the property is transferred back to the owner, in order to release the land from the charge, with provisions for documentation required when during the course of the life of the bond there is a substitution of the land which is subject to the charge by another land asset.
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- Copyright 2012 - Mazars - United Kingdom
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- Copyright 2012 - Mazars - United Kingdom
