To ensure that land transactions which form part of a Private Finance Initiative (PFI) project have the same treatment for SDLT purposes as they did for stamp duty, regulations were introduced which came into effect on 19 December 2003.
The provisions apply where there are arrangements entered into under which:
(a)a qualifying body (A) transfers, or grants or assigns a lease of, any land (‘the transferred land’) to a non-qualifying body (B);
(b)in consideration (whether in whole or in part) for that transfer, grant, or assignment, B grants A a lease or under-lease of the whole, or substantially the whole, of that land (‘the leased-back land’);
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