Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Schedule 10 paragraph 8

Meaning of "financial institution"

Schedule 10 paragraph 8 defines what counts as a "financial institution" for the purposes of the alternative finance reliefs in this Schedule.

• The definition draws on the existing meaning of "financial institution" used in the Income Tax Act 2007 for alternative finance arrangements.
• It specifically excludes persons whose only relevant permission is to enter into credit agreements or contracts for the hire of goods.
• It additionally includes firms authorised to enter into regulated home purchase plans as home purchase providers under the Financial Services and Markets Act 2000.
• Only transactions involving a qualifying financial institution as defined here can benefit from the alternative finance provisions in this Schedule.