- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2006)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2006.
There are currently no known outstanding effects for the Finance Act 2005, Cross Heading: Alternative property finance: Scotland.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
3(1)Section 72 (alternative property finance: land sold to financial institution and leased to individual) is amended as follows.U.K.
(2)In subsection (1)—
(a)in paragraph (b)—
(i)for “freehold” substitute “ the interest of the owner ”, and
(ii)for “leasehold” substitute “ the tenant's right over or interest in a property subject to a lease ”;, and
(b)in paragraph (c), omit “or its successor in title”.
(3)For subsection (7) substitute—
“(7)In this section “financial institution” has the same meaning as in section 71A.”
(4)Omit subsection (8).
(5)After subsection (9) insert—
“(10)This section applies only in relation to land in Scotland.”
(6)In the heading, after “finance” insert “ in Scotland ”.
4U.K.After section 72 insert—
(1)This section applies where arrangements are entered into between an individual and a financial institution under which—
(a)the institution and the individual purchase a major interest in land as owners in common (“the first transaction”),
(b)the institution and the individual enter into an agreement under which the individual has a right to occupy the land exclusively ( “the second transaction”), and
(c)the institution and the individual enter into an agreement under which the individual has a right to require the institution to transfer to the individual (in one transaction or a series of transactions) the whole interest purchased under the first transaction.
(2)The first transaction is exempt from charge if the vendor is—
(a)the individual, or
(b)another financial institution by whom the interest was acquired under arrangements of the kind mentioned in subsection (1) entered into between it and the individual.
(3)The second transaction is exempt from charge if the provisions of this Part relating to the first transaction are complied with (including the payment of any tax chargeable).
(4)Any transfer to the individual that results from the exercise of the right mentioned in subsection (1)(c) (“a further transaction”) is exempt from charge if—
(a)the provisions of this Part relating to the first transaction are complied with, and
(b)at all times between the first and the further transaction—
(i)the interest purchased under the first transaction is held by a financial institution and the individual as owners in common, and
(ii)the land is occupied by the individual under the agreement mentioned in subsection (1)(b).
(5)The agreement mentioned in subsection (1)(c) is not to be treated—
(a)as substantially performed unless and until the whole interest purchased by the institution under the first transaction has been transferred (and accordingly section 44(5) does not apply), or
(b)as a distinct land transaction by virtue of section 46 (options and rights of pre-emption).
(6)The requirements of subsection (1), or (4)(b)(ii), are not met if the individual enters into the arrangements, or occupies the land, as partner and any of the other partners is not an individual.
(7)A further transaction that is exempt from charge by virtue of subsection (4) is not a notifiable transaction unless the transaction involves the transfer to the individual of the whole interest purchased by the institution under the first transaction, so far as not transferred by a previous further transaction.
(8)In this section “financial institution” has the same meaning as in section 71A.
(9)References in this section to an individual shall be read, in relation to times after the death of the individual concerned, as references to his personal representatives.
(10)This section applies only in relation to land in Scotland.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys