Finance Act 2003

Cases involving alternative finance arrangements U.K.

[F1 11 (1) This paragraph applies where either of the following applies—

(a) section 71A (land sold to financial institution and leased to person), or

(b) section 73 (land sold to financial institution and re-sold to person).

(2) This paragraph applies for the purposes of determining—

(a) whether relief is available under Part 2 of this Schedule for the first transaction, and

(b) whether relief allowed for the first transaction is withdrawn under Part 3 of this Schedule.

(3) For those purposes this Schedule has effect as if—

(a) references to the purchaser were references to the relevant person, and

(b) the reference in paragraph 3(2)(d) to land held (as stock of the business) for resale without development or redevelopment were a reference to land held in that manner by the relevant person.

(4) The first transaction does not qualify for relief under Part 2 of this Schedule except where it does so by virtue of this paragraph.

(5) In this paragraph—

• “the first transaction” has the same meaning as in section 71A or 73 (as appropriate);

• “the relevant person” means the person, other than the financial institution, who entered into the arrangements mentioned in section 71A(1) or 73(1) (as appropriate).]

Textual Amendments

F1 Sch. 6C inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 23 para. 8