In Part 2 of Schedule 2 to the Financial Services and Markets Act 2000 (c. 8) (regulated activities - investments), after paragraph 23 there is inserted -

"23A Other finance arrangements involving land

(1) Rights under any arrangement for the provision of finance under which the person providing the finance either -

(a) acquires a major interest in land from the person to whom the finance is provided, or

(b) disposes of a major interest in land to that person,

as part of the arrangement.

(2) References in sub-paragraph (1) to a "major interest" in land are to -

(a) in relation to land in England or Wales -

(i) an estate in fee simple absolute, or

(ii) a term of years absolute,

whether subsisting at law or in equity;

(b) in relation to land in Scotland -

(i) the interest of an owner of land, or