Duties Act 2000

This section applies if a natural person and a financial institution enter into an arrangement under which—

a third party and the natural person acting as agent for the financial institution enter into a contract of sale for an estate in fee simple in land; and

in accordance with the contract of sale referred to in paragraph (a), the estate in fee simple in land is transferred from the third party to the financial institution (the first transaction); and

at the same time as the first transaction, the financial institution leases its interest in the land to the natural person for a fixed term in accordance with a lease agreement entered into between the financial institution and the natural person that contains an option for the natural person to purchase the estate in fee simple in land (the second transaction); and

at the end of the fixed term referred to in paragraph (c), or some other term agreed by the parties, the natural person exercises his or her option to purchase the estate in fee simple in land and the financial institution transfers its estate in fee simple to the natural person for a determined consideration (the third transaction).

No duty is chargeable under this Chapter in respect of the second or third transaction.