home purchase plan

(in accordance with article 63F(3) of the Regulated Activities Order) an arrangement comprised in one or more instruments or agreements which meets the following conditions at the time it is entered into:

1. (a) the arrangement is one under which a person (the 'home purchase provider') buys a qualifying interest in land or an undivided share of a qualifying interest in land;
1. (b) where an undivided share of a qualifying interest in land is bought, the interest is held on trust for the home purchase provider and the individual or trustees in (c) as beneficial tenants in common;
1. (c) the arrangement provides for the obligation of an individual or trustees (the home purchaser) to buy the interest bought by the home purchase provider during the course of or at the end of a specified period; and
1. (d) the home purchaser (if he is an individual) or an individual who is a beneficiary of the trust (if the home purchaser 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 during that period and intends to do so;

in this definition "related person" means:

1. (A) that person's spouse or civil partner;
1. (B) a person (whether or not of the opposite sex) whose relationship with that person has the characteristics of the relationship between husband and wife; or
1. (C) that person's parent, brother, sister, child, grandparent or grandchild.