Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
138. In article 60D (exempt agreements: exemption relating to the purchase of land for non-residential purposes), for paragraph (4) M1 substitute—
“(4) This article does not apply to an agreement if—
(a)the agreement is entered into on or after 21st March 2016,
(b)under the agreement a mortgage creditor grants or promises to grant a credit in the form of a deferred payment, loan or other similar financial accommodation,
(c)the credit is granted or promised to an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual,
(d)the purpose of the agreement is to acquire or retain property rights in land or in an existing or projected building, and
(e)the agreement does not meet the conditions in paragraphs (i) to (iii) of article 61(3)(a) (regulated mortgage contracts).
(5) A reference in paragraph (4)(d) to any land or building—
(a)in relation to an agreement entered into before [F1IP completion day], is a reference to any land or building in the United Kingdom or within the territory of an EEA State;
(b)in relation to an agreement entered into on or after [F1IP completion day], is a reference to any land or building in the United Kingdom.”.
Textual Amendments
F1Words in reg. 138 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(p)
Commencement Information
I1Reg. 138 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Article 60D was inserted by S.I. 2013/1881, paragraph (4) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.