Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bond definition

What does Bond mean? A bond is a tradable debt security used to raise finance: the issuer borrows from investors and agrees to pay interest (a coupon) and to repay principal on a stated maturity date. Bonds may pay fixed, floating or index‑linked coupons, be zero‑coupon, and redeem at maturity or amortise over time. “Bond” is a descriptive market term rather than a single statutory definition, though bonds sit within the wider regulatory category of transferable securities. Documentation typically comprises a prospectus or offering memorandum and terms and conditions, often constituted by a trust deed with a bond trustee acting for bondholders. Key...

SDLT reliefs for Sukuk al ijara under FA 2009 Sch 61: land transfers, sukuk certificates, conditions, withdrawal and anti-avoidance (England and Northern Ireland)

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Practice notes

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Sukuk (singular: ‘sakk’) are a form of Shari’a-compliant financing, often described as Islamic bonds or investment certificates. Further background and context are available in the materials referenced below. For more detail, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment—What are sukuk? Where the statutory requirements are satisfied, sukuk can access the UK tax regime that applies to alternative finance investment bond (AFIB) arrangements. For guidance on those provisions, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment. Sukuk al ijara represents a specific variant of sukuk. In a sukuk al ijara, the asset the bond-issuer (the label used in legislation for the sukuk issuer) holds on trust for the sukuk investors (the certificate holders) is commonly land. The issuer obtains a land interest through a sale and leaseback; this sale and leaseback constitutes the ijara. For additional references, 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 sukuk al ijara involve tangible transactions in land, this type of structure can give rise to tax...

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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 21/05/2026

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