»Ê¹ÚÌåÓýapp

Interest held by financial institution: FA03/S73B

»Ê¹ÚÌåÓýapp interest held by a financial institution as a result of the ‘first transactionâ€� (‘the FI interestâ€�) (FA03/S71A(1)(a), FA03/S72(1)(a) is an ‘exempt interestâ€� for the purposes of stamp duty land tax. this means in particular that dealings in that interest, or an interest derived from that interest, are not notifiable.

»Ê¹ÚÌåÓýapp interest ceases to be an exempt interest if:

»Ê¹ÚÌåÓýapp FI interest is not an exempt interest if group relief was claimed on the first transaction.

»Ê¹ÚÌåÓýapp FI interest is not an exempt interest in respect of:

• »Ê¹ÚÌåÓýapp lease or agreement mentioned in FA03/S71A(1)(c) ceases to have effect, or
• »Ê¹ÚÌåÓýapp right under FA03/S71A(1)(d) (that is, the right to require a transfer of the financial institution’s interest to the person entering into the arrangements) cease to have effect or becomes subject to a restriction.
• »Ê¹ÚÌåÓýapp first transaction itself (so that even if the first transaction is exempt from charge it remains notifiable), or
• A further transaction or third transaction within the meaning of FA03/S71A(4) (these transactions will generally be exempt from charge, but remain notifiable).

FA03/S73B has effect in relation to anything that would, but for the exemption, be a land transaction with an effective date on or after 22 March 2007. It is immaterial when the FI interest originally came into existence.