Regulation of Financial Services (Land Transactions) Act 2005

Financial Services and Markets Act 2000: regulated activities

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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—

(23A) (1) Rights under any arrangement for the provision of finance under 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. (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; (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— (i) any freehold estate, or (ii) any leasehold estate, 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 (b) indirectly.

Short title and commencement

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• (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 with the day on which it is passed.