[71A Alternative property finance: land sold to financial institution and leased to individual]
Finance Act 2003 (2003 c 14) | Legislation

[71A  Alternative property finance: land sold to financial institution and leased to individual]

[(1)     This section applies where arrangements are entered into between [a person] and a financial institution under which—

(a)     the institution purchases a major interest in land or an undivided share of a major interest in land (“the first transaction”),

(b)     where the interest purchased is an undivided share, the major interest is held on trust for the institution and the [person] as beneficial tenants in common,

(c)     the institution (or the person holding the land on trust as mentioned in paragraph (b)) grants to the [person] out of the major interest a lease (if the major interest is freehold)

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