Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Sale and leaseback definition

What does Sale and leaseback mean? A sale and leaseback is a commercial property finance arrangement in which a property owner sells its freehold or long leasehold and simultaneously takes a lease of the same property from the buyer, remaining in occupation. The term is descriptive (not generally defined in legislation) and used consistently across England and Wales, Scotland, Northern Ireland and Ireland. Typical features include back‑to‑back completion, an FRI lease at market rent, a medium to long term, rent review provisions and, sometimes, repurchase or pre‑emption rights. It is used by corporate occupiers to release capital, fix occupancy costs and shift residual value risk, with funders...

UK tax reliefs for sukuk al ijara sale and leaseback of land under FA 2009 Schedule 61: SDLT, CGT and capital allowances—structure, conditions and anti-avoidance

Published by a LexisNexis Tax expert

Practice notes

Sukuk (singular form: ‘sakk’)

Sukuk are Shari’a-compliant financing instruments, commonly described as Islamic certificates or bonds. For further detail, see Practice Notes: The structure and elements of a Sukuk transaction and 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. A distinct variant is sukuk al ijara. In such structures, the bond-issuer (the legislative term for the sukuk issuer) typically holds land on trust for the certificate holders (the sukuk investors). The issuer secures a land interest through a sale and leaseback—the ijara element. For more detail, see Practice Notes: The structure and elements of a Sukuk transaction and Islamic finance standard documentation in the context of real estate finance transactions. The UK has issued sukuk al ijaras over land, most recently in March 2021. Since a sukuk al ijara entails actual...

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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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