Modifications etc. (not altering text)
C1Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)
C2Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
(1)An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a), 72(1)(a) or 72A(1)(a) is an exempt interest for the purposes of stamp duty land tax.
(2)That interest ceases to be an exempt interest if—
(a)the lease or agreement mentioned in section 71A(1)(c), 72(1)(b) or 72A(1)(b) ceases to have effect, or
(b)the right under section 71A(1)(d), 72(1)(c) or 72A(1)(c) ceases to have effect or becomes subject to a restriction.
(3)Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.
(4)Subsection (1) does not make an interest exempt in respect of—
(a)the first transaction itself, or
(b)a further transaction or third transaction within the meaning of section 71A(4), 72(4) or 72A(4).]
Textual Amendments
F1S. 73B inserted (with effect in accordance with s. 75(4) of the amending Act) by Finance Act 2007 (c. 11), s. 75(1)