(1) Rights under an alternative finance investment bond, to the extent that they do not fall within article 77 or 78.

(2) For the purposes of this article, arrangements constitute an alternative finance investment bond if -

(a) the arrangements provide for a person ("the bond-holder") to pay a sum of money ("the capital") to another ("the bond-issuer");

(b) the arrangements identify assets, or a class of assets, which the bond-issuer will acquire for the purpose of generating income or gains directly or indirectly ("the bond assets");

(c) the arrangements specify a period at the end of which they cease to have effect ("the bond term");

(d) the bond-issuer undertakes under the arrangements -

(i) to make a repayment in respect of the capital ("the redemption payment") to the bond-holder during or at the end of the bond term (whether or not in instalments); and