Finance Act 2003

[F1 [F2 6A (1) This paragraph applies where— U.K.

(a) section 71A (land sold to financial institution and leased to person), section 72 (land in Scotland sold to financial institution and leased to person) or section 73 (land sold to financial institution and re-sold to person) applies, and

(b) the major interest in land purchased under the first transaction consists of or includes a higher threshold interest.

(2) In this paragraph “the first transaction” means—

(a) where section 71A applies, the transaction mentioned in section 71A(1)(a);

(b) where section 72 applies, the transaction mentioned in section 72(1)(a);

(c) where section 73 applies, the transaction mentioned in section 73(1)(a)(i).

(3) The condition in paragraph 3(3) is treated as being met with respect to the first transaction only if that condition is met with respect to the second transaction.

(4) If the second transaction would qualify for relief under any of paragraphs 5(1), 5B(1), 5D(1) [F3 , 5F(1) and 5FA] (disregarding the exemptions in sections 71A(3), 72(3) and 73(3) and assuming, for this purpose, that the subject-matter of the second transaction is a higher threshold interest), the first transaction is taken to qualify for relief under the same provision (and accordingly paragraph 3 does not apply in relation to the first transaction).

(5) The first transaction does not qualify for relief under any of paragraphs 5(1), 5B(1), 5D(1) [F4 , 5F(1) or 5FA] except in accordance with sub-paragraph (4).

(6) In this paragraph “the second transaction” has the same meaning as in section 71A, 72 or 73 (as the case requires).]]

Textual Amendments

F1 Sch. 4A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 4

F2 Sch. 4A paras. 6A-6H and cross-headings inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 2(5)

F3 Words in Sch. 4A para. 6A(4) substituted (with effect in accordance with s. 89(4) of the amending Act) by Finance Act 2021 (c. 26), Sch. 17 para. 7(3)(a)

F4 Words in Sch. 4A para. 6A(5) substituted (with effect in accordance with s. 89(4) of the amending Act) by Finance Act 2021 (c. 26), Sch. 17 para. 7(3)(b)