Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
75 SDLT: alternative finance arrangements
(1) In FA 2003, after section 73A insert—
Exempt interests
73B (1) An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a), 72(1)(a) or 72A(1)(a) is an exempt interest for the purposes of stamp duty land tax.
(2) That interest ceases to be an exempt interest if—
(a) the lease or agreement mentioned in section 71A(1)(c), 72(1)(b) or 72A(1)(b) ceases to have effect, or
(b) the right under section 71A(1)(d), 72(1)(c) or 72A(1)(c) ceases to have effect or becomes subject to a restriction.
(3) Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.
(4) Subsection (1) does not make an interest exempt in respect of—
(a) the first transaction itself, or
(b) a further transaction or third transaction within the meaning of section 71A(4), 72(4) or 72A(4).
(2) In section 48 of that Act (stamp duty land tax: exempt interests), after subsection (3) insert—
(3A) Section 73B makes additional provision about exempt interests in relation to alternative finance arrangements.
(3) For the text of sections 71A(8), 72(7), 72A(8) and 73(5)(a) of that Act (alternative finance arrangements: meaning of “financial institution”), substitute “ In this section “financial institution” has the meaning given by section 46 of the Finance Act 2005 (alternative finance arrangements). ”
(4) The amendments made by this section—
(a) have effect in relation to anything that would, but for the exemption provided by new section 73B inserted by subsection (1) above, be a land transaction with an effective date on or after 22nd March 2007, and
(b) apply, in accordance with paragraph (a), to interests irrespective of the date of their creation.
Your change, as a redline
75 SDLT: alternative finance arrangements
(1) In FA 2003, after section 73A insert—
Exempt interests
73B (1) An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a), 72(1)(a) or 72A(1)(a) is an exempt interest for the purposes of stamp duty land tax.
(2) That interest ceases to be an exempt interest if—
(a) the lease or agreement mentioned in section 71A(1)(c), 72(1)(b) or 72A(1)(b) ceases to have effect, or
(b) the right under section 71A(1)(d), 72(1)(c) or 72A(1)(c) ceases to have effect or becomes subject to a restriction.
(3) Subsection (1) does not apply if the first transaction is exempt from charge by virtue of Schedule 7.
(4) Subsection (1) does not make an interest exempt in respect of—
(a) the first transaction itself, or
(b) a further transaction or third transaction within the meaning of section 71A(4), 72(4) or 72A(4).
(2) In section 48 of that Act (stamp duty land tax: exempt interests), after subsection (3) insert—
(3A) Section 73B makes additional provision about exempt interests in relation to alternative finance arrangements.
(3) For the text of sections 71A(8), 72(7), 72A(8) and 73(5)(a) of that Act (alternative finance arrangements: meaning of “financial institution”), substitute “ In this section “financial institution” has the meaning given by section 46 of the Finance Act 2005 (alternative finance arrangements). ”
(4) The amendments made by this section—
(a) have effect in relation to anything that would, but for the exemption provided by new section 73B inserted by subsection (1) above, be a land transaction with an effective date on or after 22nd March 2007, and
(b) apply, in accordance with paragraph (a), to interests irrespective of the date of their creation.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.