Introduction Details of the Section
2.Subsection (2) amends section 73BA of the Finance Act (FA) 2003 extending the definition of a financial institution that applies for the purposes of the alternative property finance reliefs to include a person authorised by the Financial Conduct Authority to provide home purchase plans.
3.Subsection (3) makes a consequential amendment to the definition of a financial institution at paragraph 9 of Schedule 4A FA2003, which applies for the purpose of the higher rate of stamp duty land tax.
4.Subsection (4) provides that the amendment will have effect where the effective date of the first transaction is on or after the date on which Finance Act 2015 receives Royal Assent.
5.Subsection (5) defines “first transaction” for the purposes of subsection (2).