This section applies where—
This Part has effect in relation to times when the arrangements are in operation as if—
The reference in subsection (2) to times when the arrangements are in operation is to times when—
A company or individual treated under subsection (2)(a) as holding an interest at a particular time is treated as holding it as a member of a partnership if at the time in question the company or individual holds the leasehold interest as a member of the partnership (and this Part has effect accordingly in relation to the other members of the partnership).
In relation to times when the arrangements operate for the benefit of a collective investment scheme, this Part has effect as if—
The reference in subsection (5) to times when the arrangements operate for the benefit of a collective investment scheme is to times when—
In this section—
"financial institution" has the meaning given by section 73BA of FA 2003;
"the first transaction" has the same meaning as in section 71A ... of FA 2003;
"further transaction" has the same meaning as in section 71A of FA 2003;
"the leasehold interest" means the interest granted to the lessee under the second transaction;
"the second transaction" has the same meaning as in section 71A ... of FA 2003.
The reference in subsection (1) to a major interest in land is to be read in accordance with section 117 of FA 2003.
Where the lessee is an individual, references in subsections (2), (3), (5) and (6) to the lessee are to be read, in relation to times after the death of the lessee, as references to the lessee's personal representatives.
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