# Finance Act 2003, Paragraph 5I


(1) This paragraph applies where relief under paragraph 5C (financial institutions acquiring dwellings in the course of lending) has been allowed in respect of a higher threshold interest forming the whole or part of the subject-matter of a chargeable transaction.
(2) The relief is withdrawn if any requirement in sub-paragraph (3) is not met at any time in the period of three years beginning with the effective date of the chargeable transaction (“the control period”) (but see sub-paragraphs (4) and (5)).
(3) The requirements are that—
(a) the purchaser continues to be a financial institution carrying on a business that involves the lending of money, and
(b) the interest is held for the purpose of resale in the course of the business.
(4) The requirements in sub-paragraph (3) apply only to times in the control period when the purchaser holds—
(a) the higher threshold interest, or
(b) a chargeable interest that is derived from the higher threshold interest.
(5) The requirements in sub-paragraph (3) do not apply in relation to times when, because of a change of circumstances that is unforeseen and beyond the purchaser's control, it is not reasonable to expect those requirements to be met.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/4A/paragraph/5I (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-4A/paragraph-5I
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.