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Regulation of Financial Services (Land Transactions) Bill


 

Regulation of Financial Services (Land Transactions) Bill

 
 

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by HM Treasury, are published separately as

Bill 7—EN.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Ivan Lewis has made the following statement under section 19(1)(a) of the Human

Rights Act 1998:

In my view the provisions of the Regulation of Financial Services (Land Transactions)

Bill are compatible with the Convention rights.

 

Bill 7                                                                                                  

54/1

 

 

 

Regulation of Financial Services (Land Transactions) Bill

 

Bill 7                                                                                                  

54/1

 
 

Regulation of Financial Services (Land Transactions) Bill

1

 

A

Bill

To

Enable activities relating to certain arrangements involving the acquisition or

disposal of land to be regulated under the Financial Services and Markets Act

2000. 

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and

consent of the Lords Spiritual and Temporal, and Commons, in this present

Parliament assembled, and by the authority of the same, as follows:—

1       

Financial Services and Markets Act 2000: regulated activities

In Part 2 of Schedule 2 to the Financial Services and Markets Act 2000 (c. 8)

(regulated activities - investments), after paragraph 23 there is inserted—

“Other finance arrangements involving land

23A   (1)  

Rights under any arrangement for the provision of finance under

5

which the person providing the finance either—

(a)   

acquires a major interest in land from the person to whom the

finance is provided, or

(b)   

disposes of a major interest in land to that person,

           

as part of the arrangement.

10

      (2)  

References in sub-paragraph (1) to a “major interest” in land are to—

(a)   

in relation to land in England or Wales—

(i)   

an estate in fee simple absolute, or

(ii)   

a term of years absolute,

   

whether subsisting at law or in equity;

15

(b)   

in relation to land in Scotland—

(i)   

the interest of an owner of land, or

(ii)   

the tenant’s right over or interest in a property subject

to a lease;

(c)   

in relation to land in Northern Ireland—

20

(i)   

any freehold estate, or

(ii)   

any leasehold estate,

 
Bill 7 54/1
 
 

Regulation of Financial Services (Land Transactions) Bill

2

 

   

whether subsisting at law or in equity.

      (3)  

It is immaterial for the purposes of sub-paragraph (1) whether either

party acquires or (as the case may be) disposes of the interest in

land—

(a)   

directly, or

5

(b)   

indirectly.”

2       

Short title and commencement

(1)   

This Act may be cited as the Regulation of Financial Services (Land

Transactions) Act 2005.

(2)   

This Act shall come into force at the end of the period of two months beginning

10

with the day on which it is passed.


 
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Revised 26 May 2005