SCHEDULE 7Alternative property finance relief

PART 2Alternative property finance: arrangements relieved

Land sold to financial institution and re-sold to person

13

Paragraphs 14 and 15 apply where arrangements are entered into between a person and a financial institution under which—

(a)

the institution—

(i)

purchases a major interest in land (“the first transaction”), and

(ii)

sells that interest to the person (“the second transaction”), and

(b)

the person grants the institution a standard security over that interest.