Finance Act 2005, Paragraph 3 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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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