Section 73B Exempt interests

United Kingdom

(1)

F1An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a)F2... is an exempt interest for the purposes of stamp duty land tax.

(2)

That interest ceases to be an exempt interest if—

(a)

the lease or agreement mentioned in section 71A(1)(c)F3... ceases to have effect, or

(b)

the right under section 71A(1)(d)F4... ceases to have effect or becomes subject to a restriction.

(3)

Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.

(4)

Subsection (1) does not make an interest exempt in respect of—

(a)

the first transaction itself, or

(b)

a further transaction or third transaction within the meaning of section 71A(4)F5....

Annotations

Textual amendments

F1: S. 73B inserted (with effect in accordance with s. 75(4) of the amending Act) by Finance Act 2007 (c. 11), s. 75(1)
F2: Words in s. 73B(1) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 13(2) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F3: Words in s. 73B(2)(a) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 13(3)(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F4: Words in s. 73B(2)(b) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 13(3)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F5: Words in s. 73B(2)(b) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 13(4) (with s. 29(5)(6)); S.I. 2015/637, art. 2