- Latest available (Revised)
- Point in Time (07/12/2007)
- Original (As enacted)
Finance Act 2003
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
Changes over time for: Section 72
Version Superseded: 01/04/2010
Alternative versions:
Status:
Point in time view as at 07/12/2007. This version of this provision has been superseded.
Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
Finance Act 2003, Section 72 is up to date with all changes known to be in force on or before 23 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
72Alternative property finance [F1in Scotland]: land sold to financial institution and leased to [F2person] U.K.
(1)This section applies where arrangements are entered into between [F3a person] and a financial institution under which the institution—
(a)purchases a major interest in land (“the first transaction”),
(b)grants to the [F2person] out of that interest a lease (if the interest acquired is [F4the interest of the owner]) or a sub-lease (if the interest acquired is [F5the tenant's right over or interest in a property subject to a lease]) (“the second transaction”), and
(c)enters into an agreement under which the [F2person] has a right to require the institution F6... to transfer the major interest purchased by the institution under the first transaction.
(2)The first transaction is exempt from charge if the vendor is—
(a)the [F2person], or
(b)another financial institution by whom the interest was acquired under arrangements of the kind mentioned in subsection (1) entered into between it and the [F2person].
(3)The second transaction is exempt from charge if the provisions of this Part relating to the first transaction are complied with (including the payment of any tax chargeable).
(4)A transfer to the [F2person] that results from the exercise of the right mentioned in subsection (1)(c) (“the third transaction”) is exempt from charge if—
(a)the provisions of this Part relating to the first and second transactions are complied with, and
(b)at all times between the second and third transactions—
(i)the interest purchased under the first transaction is held by a financial institution, and
(ii)the lease or sub-lease granted under the second transaction is held by the [F2person].
(5)The agreement mentioned in subsection (1)(c) is not to be treated—
(a)as substantially performed unless and until the third transaction is entered into (and accordingly section 44(5) does not apply), or
(b)as a distinct land transaction by virtue of section 46 (options and rights of pre-emption).
[F7(6)The requirements of subsection (1), or (4)(b)(ii), are not met if—
(a)the [F2person] enters into the arrangement, or holds the lease or sub-lease, as trustee and any beneficiary of the trust is not [F3a person], or
(b)the [F2person] enters into the arrangements, or holds the lease or sub-lease, as partner and any of the other partners is not [F3a person].]
[F8(7)In this section “financial institution” has the meaning given by section 46 of the Finance Act 2005 (alternative finance arrangements).]
F9(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9)References in this section to [F3a person] shall be read, in relation to times after the death of the [F2person] concerned, as references to his personal representatives.
[F10(10)This section applies only in relation to land in Scotland.]
Textual Amendments
F1Words in s. 72 heading inserted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(6)
F2Word in ss. 71A-73 substituted (with effect in accordance with s. 168(5) of the amending Act) by Finance Act 2006 (c. 25), s. 168(1)
F3Words in ss. 71A-73 substituted (with effect in accordance with s. 168(5) of the amending Act) by Finance Act 2006 (c. 25), s. 168(1)
F4Words in s. 72(1)(b) substituted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(2)(a)(i)
F5Words in s. 72(1)(b) substituted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(2)(a)(ii)
F6Words in s. 72(1)(c) repealed (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(2)(b), Sch. 11 Pt. 3(1)
F7S. 72(6) ceased to have effect (with effect in accordance with s. 168(5) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 168(2)
F8S. 72(7) substituted (with effect in accordance with s. 75(4) of the amending Act) by Finance Act 2007 (c. 11), s. 75(3)
F9S. 72(8) repealed (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(4), Sch. 11 Pt. 3(1)
F10S. 72(10) inserted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 3(5)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Part
PrintThe Whole Cross Heading
PrintThis Section only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open The Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act without Schedules as a PDF
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.