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Finance Act 2015

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This is the original version (as it was originally enacted).

Stamp duty land tax

68SDLT: alternative property finance relief

(1)FA 2003 is amended as follows.

(2)In section 73BA (meaning of “financial institution”), after subsection (2) insert—

(3)In sections 71A, 73AB and 73B, “financial institution” also includes a person with permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity specified in Article 63F(1) of the Financial Services and Markets Act (Regulated Activities) Order 2001 (S.I. 2001/544) (entering into regulated home purchase plans as home purchase provider).

(3)In paragraph 9 of Schedule 4A (higher rate for certain SDLT transactions: interpretation), for the definition of “financial institution” substitute—

  • “financial institution” is to be read in accordance with subsections (1) and (2) of section 73BA and, in paragraphs 6A to 6H, also in accordance with subsection (3) of that section;.

(4)The amendment made by subsection (2) has effect where the effective date of the first transaction is, or is after, the day on which this Act is passed.

(5)In subsection (4) “first transaction” means the first transaction within the meaning of section 71A(1)(a) of FA 2003.

69SDLT: multiple dwellings relief

(1)After paragraph 2(6) of Schedule 6B to FA 2003 (stamp duty land tax: superior interest in dwellings subject to a long lease excluded from multiple dwellings relief) insert—

(7)Sub-paragraph (6) does not apply where—

(a)the vendor is a qualifying body within the meaning of paragraph 5 of Schedule 9,

(b)the transaction is a sale under a sale and leaseback arrangement within the meaning of section 57A(2),

(c)that sale is the grant of a leasehold interest, and

(d)the leaseback element of that arrangement is exempt from charge under section 57A.

(2)The amendment made by this section has effect in relation to any land transaction of which the effective date is, or is after, the day on which this Act is passed.

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