Section 68 | SDLT: alternative property finance relief

(1)FA 2003 is amended as follows.

(2)In section 73BA (meaning of “financial institution”), after subsection (2) insert—

(3)In sections 71A, 73AB and 73B, “financial institution” also includes a person with permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity specified in Article 63F(1) of the Financial Services and Markets Act (Regulated Activities) Order 2001 (S.I. 2001/544) (entering into regulated home purchase plans as home purchase provider).

(3)In paragraph 9 of Schedule 4A (higher rate for certain SDLT transactions: interpretation), for the definition of “financial institution” substitute—.

(4)The amendment made by subsection (2) has effect where the effective date of the first transaction is, or is after, the day on which this Act is passed.

(5)In subsection (4) “first transaction” means the first transaction within the meaning of section 71A(1)(a) of FA 2003.