(1) Chapter 8 of Part 4 of the Principal Act is amended by inserting the following after section 98:

"98A. Taxation of reverse premiums.

(1)

(a) In this section -

'chargeable period' means an accounting period of a company or a year of assessment;

'first relevant chargeable period' means -

(a) the chargeable period in which a relevant transaction is entered into, or

(b) if a relevant transaction is entered into -

(i) by a person receiving a reverse premium, and

(ii) for the purposes of a trade or profession which that person is about to carry on,

the chargeable period in which the person commences to carry on the trade or profession;

'relevant arrangements' means a relevant transaction and any arrangements entered into in connection with it, whether before, at the same time or after it;

'relevant transaction' means a transaction under which a person is granted an estate or interest in, or a right in or over, land;

'reverse premium' means a payment or other benefit received by a person by way of inducement in connection with a relevant transaction being entered into by that person or by a person connected with that person;