Commentary on Sections Schedule 10 - Alternative Property Finance Reliefs Land sold to financial institution and re-sold to a person
305.The provisions at paragraph 3 cover situations where:
	a financial institution purchases a major interest in land (“the first transaction”);
	sells it to a person (“P”); and;
	in return, P grants the financial institution a legal mortgage over the land.
306.Subject to the conditions set out in the paragraph, the institution’s purchase is relieved from LTT if the major interest was purchased from P or another financial institution which has purchased a major interest under arrangements mentioned in paragraph 2(1) between it and P.
307.The sale by the financial institution is relieved from tax if the conditions in paragraph 3(3) are complied with.