This paragraph applies in relation to a chargeable transaction which is the first transaction under an alternative finance arrangement entered into between a person and a financial institution.

The person (rather than the institution) is to be treated for the purposes of this Schedule as the buyer in relation to the transaction.

In this paragraph—

• “"alternative finance arrangement”” (“"trefniant cyllid arall”") means an arrangement of a kind mentioned in paragraph 2(1) or 3(1) of Schedule 10 (alternative property finance reliefs);

• “"financial institution”” (“"sefydliad ariannol”") has the meaning given by paragraph 8 of that Schedule;

• “"first transaction”” (“"trafodiad cyntaf”"), in relation to an alternative finance arrangement, has the meaning given by paragraph 2(1)(a) or 3(1)(a) of that Schedule.