SCHEDULE 7Alternative property finance relief
PART 2Alternative property finance: arrangements relieved
Land sold to financial institution and re-sold to person
I113
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.