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Finance Act 2005
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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 ”.
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