(1)  No duty is chargeable under this Chapter in respect of a transaction, relating to dutiable property, that is a second transaction within the meaning of subsection (2) or (3) .

(2)  This subsection applies if a natural person and an authorised deposit-taking institution enter into an agreement where –

(a) the natural person, acting as agent for the authorised deposit-taking institution, and a third party enter into an agreement for sale in relation to real property (the relevant property ); and

(b) in accordance with the agreement for sale referred to in paragraph (a) , the relevant property is transferred from the third party to the authorised deposit-taking institution (the first transaction ); and

(c) at the same time as the first transaction, the authorised deposit-taking institution and the natural person enter into an agreement for sale in relation to the relevant property; and

(d) in accordance with the agreement for sale referred to in paragraph (c) , the authorised deposit-taking institution transfers the relevant property to the natural person for consideration (the second transaction ).

(3)  This subsection applies if a natural person and an authorised deposit-taking institution enter into an agreement where –

(a) the natural person, acting as agent for the authorised deposit-taking institution, and a third party enter into an agreement for sale in relation to real property (the relevant property ); and

(b) in accordance with the agreement for sale referred to in paragraph (a) , the relevant property is transferred from the third party to both the authorised deposit-taking institution and the natural person (the first transaction ) in the percentages specified in the agreement; and

(c) at the same time as the first transaction, the authorised deposit-taking institution and the natural person enter into an agreement where the natural person is to purchase such percentage of the relevant property as is owned by the authorised deposit-taking institution; and

(d) in accordance with the agreement referred to in paragraph (c) , the authorised deposit-taking institution transfers, in one or more transactions, the relevant property to the natural person for consideration (the second transaction ).

(4)  No duty is chargeable under this Chapter in respect of a transaction, relating to dutiable property, that is a first transaction, or a second transaction, within the meaning of subsection (5) .

(5)  This subsection applies if –

(a) a natural person and an authorised deposit-taking institution enter into any of the agreements referred to in subsection (2) or (3) (the relevant agreement ); and

(b) the authorised deposit-taking institution transfers the dutiable property to another authorised deposit-taking institution (the first transaction ) on the condition that the other authorised deposit-taking institution complies with the terms of the relevant agreement; and

(c) in accordance with the relevant agreement, the other authorised deposit-taking institution transfers the dutiable property to the natural person (the second transaction ).

(6)  No duty is chargeable under this Chapter in respect of a transfer (the relevant transfer ), of an interest, held by an authorised deposit-taking institution in accordance with an agreement referred to in subsection (2) , (3) or (5) , if –

(a) before the agreement has been completed, a natural person, referred to in subsection (2) , (3) or (5) , respectively, who held an interest under the agreement, has died; and

(b) the relevant transfer is made to another natural person, to whom the interest, under the agreement, of the natural person has been transferred by virtue of –

(i) a testamentary gift; or

(ii) the right of survivorship; or

(iii) the Administration and Probate Act 1935 .