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Legislation
Finance Act 2003

Crossheading Reliefs

  • Section 57 Disadvantaged areas relief
  • Section 57A Sale and leaseback arrangements
  • Section 57AA First-time buyers
  • Section 57B First-time buyers
  • Section 58A Relief for certain acquisitions of residential property
  • Section 58B Relief for new zero-carbon homes
  • Section 58C Relief for new zero-carbon homes: supplemental
  • Section 58D Transfers involving multiple dwellings
  • Section 60 Compulsory purchase facilitating development
  • Section 61 Compliance with planning obligations
  • Section 61A Relief for special tax sites
  • Section 62 Group relief and reconstruction or acquisition relief
  • Section 63 Demutualisation of insurance company
  • Section 64 Demutualisation of building society
  • Section 64A Initial transfer of assets to trustees of unit trust scheme
  • Section 65 Incorporation of limited liability partnership
  • Section 65A Seeding relief
  • Section 66 Transfers involving public bodies
  • Section 66A Resolution of financial institutions
  • Section 67 Transfer in consequence of reorganisation of parliamentary constituencies
  • Section 67A Acquisitions by certain health service bodies
  • Section 68 Charities relief
  • Section 69 Acquisition by bodies established for national purposes
  • Section 70 Right to buy transactions, shared ownership leases etc
  • Section 71 Certain acquisitions by registered providers of social housing etc
  • Section 71A Alternative property finance: land sold to financial institution and leased to person
  • Section 72 Alternative property finance in Scotland: land sold to financial institution and leased to person
  • Section 72A Alternative property finance in Scotland: land sold to financial institution and person in common
  • Section 73 Alternative property finance: land sold to financial institution and re-sold to person
  • Section 73A Sections 71A to 73: relationship with Schedule 7
  • Section 73AB Section 71A : arrangements to transfer control of financial institution
  • Section 73B Exempt interests
  • Section 73BA Meaning of “financial institution”
  • Section 73C Alternative finance investment bonds
  • Section 73CA Sections 71A to 73: first-time buyers
  • Section 74 Exercise of collective rights by tenants of flats
  • Section 75 Crofting community right to buy
  1. Reliefs
  2. Resolution of financial institutions

Section 66A | Resolution of financial institutions F1

From legislation.gov.uk

(1)A land transaction is exempt from charge if it is effected by—

(a)an instrument listed in subsection (2), or

(b)an instrument made under an instrument listed in subsection (2).

(2)The instruments are—

(a)a property transfer instrument made in accordance with section 12(2) of the Banking Act 2009 (transfer to a bridge bank),

(b)a property transfer instrument made in accordance with section 12ZA(3) of that Act (transfer to asset management vehicle),

(c)a supplemental property transfer instrument made in accordance with section 42(2) of that Act where the original instrument was made in accordance with section 12(2), 12ZA(3) or 41A(2) of that Act,

(d)a property transfer instrument made in accordance with section 41A(2) of that Act (transfer of property subsequent to resolution instrument),

(e)a bridge bank supplemental property transfer instrument made in accordance with section 44D(2) of that Act,

(f)a property transfer order made in accordance with section 45(2) of that Act (temporary public ownership: property transfer), ...F2

(g)a third-country instrument made in accordance with section 89H(2) or 89I(4) of that Act.

(h)a property transfer instrument made in accordance with paragraph 29(3) (bridge central counterparty) of Schedule 11 to the Financial Services and Markets Act 2023 (central counterparties),F3

(i)a property transfer instrument made in accordance with paragraph 66(2) of that Schedule (transfer of property subsequent to resolution instrument),F3

(j)a supplemental property transfer instrument made in accordance with paragraph 67(2) of that Schedule (supplemental instruments) where the original instrument was made in accordance with paragraph 29(3) of that Schedule,F3

(k)a property transfer instrument made in accordance with paragraph 71(2) (transfer of ownership and private sector purchaser: property transfer) where the original instrument was made in accordance with paragraph 30(2) of that Schedule (transfer of ownership), orF3

(l)a third-country instrument made in accordance with paragraph 145(2) (third-country resolution actions) or 146(4) (effects of recognition on third-country resolution action) of that Schedule.F3

(3)References in subsection (2) to a provision of the Banking Act 2009 include references to that provision as applied by or under any other provision of that Act (including where it is applied with modifications or in a substituted form).

Notes

  1. F1

    S. 66A inserted (with effect in accordance with s. 45(2) of the amending Act) by Finance Act 2019 (c. 1), s. 45(1)

  2. F2

    Word in s. 66A(2)(f) omitted (31.12.2023) by virtue of The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 11(2)

  3. F3

    S. 66A(2)(h)-(l) inserted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 11(3)

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