SCHEDULE 10ALTERNATIVE PROPERTY FINANCE RELIEFS
PART 4EXEMPT INTEREST
Interest held by financial institution an exempt interest
I17
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).
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relief or reconstruction relief is available on the first transaction (even if such a relief is subsequently withdrawn).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).