After article 63A (other exclusions) insert -

"Chapter 15A regulated home reversion plans

The activities

Entering into and administering regulated home reversion plans

63B.

(1) Entering into a regulated home reversion plan as plan provider is a specified kind of activity.

(2) Administering a regulated home reversion plan is also a specified kind of activity where the plan was entered into on or after 6th April 2007.

(3) In this Chapter -

(a) a "regulated home reversion plan" is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into -

(i) the arrangement is one under which a person (the "plan provider") buys all or part of a qualifying interest in land (other than timeshare accommodation) in the United Kingdom from an individual or trustees (the "reversion seller");

(ii) the reversion seller (if he is an individual) or an individual who is a beneficiary of the trust (if the reversion seller is a trustee), or a related person, is entitled under the arrangement to occupy at least 40% of the land in question as or in connection with a dwelling, and intends to do so; and