Section 73B — Finance Act 2003: Exempt interests

Exempt interests 73B 1 An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a) ... is an exempt interest for the purposes of stamp duty land tax.

2 That interest ceases to be an exempt interest if—

a the lease or agreement mentioned in section 71A(1)(c) ... ceases to have effect, or b the right under section 71A(1)(d) ... ceases to have effect or becomes subject to a restriction.

3 Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.

4 Subsection (1) does not make an interest exempt in respect of—

a the first transaction itself, or b a further transaction or third transaction within the meaning of section 71A(4) ....