Replacement of asset
18
(1) Paragraphs 13 to 16 apply with the modifications set out in sub-paragraph (2) or (as the case may be) (3) if—
(a) conditions 1 to 3 and 7 are met in relation to an interest in land (“the original land”),
(b) B ceases to hold the original land as a bond asset (and accordingly, transfers it to A) before the termination of the alternative finance investment bond,
(c) A and B enter into further arrangements satisfying condition 1 relating to an interest in other land (“the replacement land”), and
(d) the value of the interest in the replacement land at the time it is
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