The interest held by a financial institution as a result of the
‘first transaction’ (‘the FI interest’)
(FA03/S71A(1)(a), FA03/S72(1)(a) or FA03/S72A(1)(a)) is an
‘exempt interest’ within the meaning of FA03/SCH3. this
means in particular that dealings in that interest, or an interest
derived from that interest, are not notifiable.
The interest ceases to be an exempt interest if:
The FI interest is not an exempt interest if group relief was
claimed on the first transaction.
The FI interest is not an exempt interest in respect of:
FA03/S73B has effect in relation to anything that would, but for the exemption, be a land transaction with an effective date on or after 22 March 2007. It is immaterial when the FI interest originally came into existence.