21SAn interest held by a financial institution as a result of the first transaction within the meaning of paragraph 2(a) or 7(a) is an exempt interest for the purposes of the tax.
Commencement Information
I1 Sch. 7 para. 21 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
22SThat interest ceases to be an exempt interest if—
(a)the lease or agreement mentioned in paragraph 2(b) or 7(b) ceases to have effect, or
(b)the right under paragraph 2(c) or 7(c) ceases to have effect or becomes subject to a restriction.
Commencement Information
I2 Sch. 7 para. 22 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
23SParagraph 21 does not apply if the first transaction is exempt from charge by virtue of schedule 10 (group relief) or 11 (reconstruction and acquisition reliefs).
Commencement Information
I3 Sch. 7 para. 23 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
24SParagraph 21 does not make an interest exempt in respect of—
(a)the first transaction itself, or
(b)a third transaction or a further transaction within the meaning of paragraph 5 or 10.
Commencement Information
I4 Sch. 7 para. 24 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2