To take advantage of this relief arrangements must be entered into between an individual and a financial institution whereby the financial institution
If an undivided shared of the major interest is purchased, the major interest must be held in trust for the financial institution and the individual as beneficial tenants in common
If an undivided share in the major interest was purchased the trustees grant the lease or sub-lease
This can be in one transaction or in a series of transactions
For the purposes of FA03/S71A(1) relief is not available if that individual
This ensures that relief is not available where any of the
benefit of the relief could accrue to a person who is not a living
individual at the time the arrangements are entered into.
FA03/S71A(5) provides that the further transactions are not to be treated
This subsection disapplies various provisions which may have
It ensures that, where the arrangements are completed in the manner provided for, and all the other rules are complied with, only one stamp duty land tax charge is payable.