SCHEDULE 8 Stamp Duty Land Tax: Alternative Property Finance
Finance Act 2005 (2005 c 7) | Legislation

SCHEDULE 8 Stamp Duty Land Tax: Alternative Property Finance

Section 94

Introduction

1

Part 4 of FA 2003 is amended in accordance with this Schedule.

Alternative property finance: England and Wales and Northern Ireland

2

After section 71 insert—

“71A Alternative property finance: land sold to financial institution and leased to individual

(1)     This section applies where arrangements are entered into between an individual and a financial institution under which—

(a)     the institution purchases a major interest in land or an undivided share of a major interest in land (“the first transactionâ€),

(b)     where the interest purchased is an undivided share, the major interest is held on trust for the institution and the individual as beneficial tenants in common,

(c)     the institution (or the person holding the land on trust as mentioned in paragraph (b)) grants to the individual out of the major interest a lease (if the major interest is freehold) or a sub-lease (if the major interest is leasehold) (“the second transactionâ€), and

(d)     the institution and the individual enter into an agreement under which the individual has a right to require the institution or its successor in title to transfer to the individual

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