7(1)An interest held by a financial institution as a result of the first transaction within the meaning of paragraph 2(1)(a) is an exempt interest (but see the following).E+W
(2)The interest ceases to be an exempt interest if—
(a)the lease mentioned in paragraph 2(1)(c) ceases to have effect, or
(b)the right under paragraph 2(1)(d) ceases to have effect or becomes subject to a restriction.
(3)The interest is not an exempt interest if group relief, acquisition relief or reconstruction relief is available on the first transaction (even if such a relief is subsequently withdrawn).
(4)Despite sub-paragraph (1), the interest is not an exempt interest in respect of—
(a)the first transaction itself, or
(b)a further transaction within the meaning of paragraph 2(4).
Commencement Information
I1Sch. 10 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3