# Finance Act 2003, Paragraph 3


(1) This paragraph applies in relation to a land transaction which is the first transaction under an alternative finance arrangement entered into between a person and a financial institution.
(2) The person (rather than the institution) is to be treated as the purchaser in relation to the transaction for the purposes of paragraphs 1(4) and 2(2).
(3) In this paragraph—
“alternative finance arrangement” means an arrangement of a kind mentioned in section 71A(1) or 73(1),
“financial institution” has the meaning it has in those sections (see section 73BA), and
“first transaction”, in relation to an alternative finance arrangement, has the meaning given by section 71A(1)(a) or (as the case may be) section 73(1)(a)(i).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/6ZA/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-6ZA/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.