Related Commentary  

1(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 “PAIF seeding relief”.

1(2)  Condition A is that the purchaser is a property AIF (see paragraph 2).

1(3)  Condition B is that the main subject-matter of the transaction consists of a major interest in land.

1(4)  Condition C is that the only consideration for the transaction is the issue of units in the property AIF to a person who is the vendor.

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