Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bonds definition

What does Bonds mean? Bonds are tradable debt securities that record an issuer’s promise to repay principal at maturity and pay interest (a fixed or floating coupon) to investors. They are used in legal practice to raise medium to long‑term finance for governments (UK gilts; Irish government bonds), corporates, banks and public bodies, typically documented by a trust deed or agency agreement and an offering document or prospectus. Key legal features include face value, coupon, maturity, transferability (usually in registered or global form through clearing systems), ranking (senior or subordinated), and whether the bond is secured or unsecured; covenants and events of default...

UK capital allowances for Sukuk al ijara (FA 2009 Sch 61): fixtures and SBAs, disregard of sale and leaseback land transfers, conditions and deemed disposals

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Practice notes

Sukuk al ijara

Sukuk (singular: ‘sakk’) are a Shari’a-compliant financing mechanism, known as Islamic certificates or bonds. For details, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment—What are sukuk? Where the qualifying criteria are satisfied, sukuk can access the UK tax regime that applies to alternative finance investment bond (AFIB) structures. For guidance on those provisions, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment. Sukuk al ijara represents a specific category of sukuk. In a sukuk al ijara, the bond asset owned by the bond-issuer (the statutory term for the sukuk issuer) on trust for the sukuk investors (the certificate holders) is frequently real property. The issuer secures an interest in that property through a sale and leaseback—the sale and leaseback being the ijara. For reading, see Practice Notes: Sukuk al ijara—tax reliefs for sale and leaseback arrangements—What is sukuk al ijara?, The structure and elements of a Sukuk transaction and Islamic finance standard documentation in the context of real estate finance transactions. As a sukuk al ijara entails genuine land dealings, such an arrangement may give rise to or otherwise potentially lead to consequences to be considered under the arrangement, trigger...

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Sarah Squires

Old Square Tax Chambers

Sarah is a barrister at Old Square Tax Chambers, having been called to the bar in 2017. She has significant corporate tax experience, having practised a as a solicitor in leading City firms prior to re-qualifying as a barrister. She started her professional career in the tax department of Linklaters and then, following a move to Clifford Chance LLP in 2000, became a partner in their tax group in 2002. Sarah is a member of the Law Society Tax Law Committee. In addition, she also acts as a consultant to various trade and other representation bodies on tax policy matters. Sarah's practice is focused on general business and corporate tax matters, including in relation to real estate, finance and capital markets transactions....

Web page updated on 22/05/2026

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