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This article discusses the relief from the charge to ATED which applies where a financial institution has repossessed a property as a result of its business of lending money and has become beneficially entitled to the property. It is not relevant where a financial institution simply exercises its control of the property under its security interest in a property (as this is not a chargeable interest for ATED purposes). See B6.720 for the definition of 'chargeable interest'. For the effect of ATED reliefs, see B6.745.

A day in a chargeable period is a relievable day in relation to an SDI if matters stand as follows on that day¹:

1. Ìý

   •ÌýÌýÌýÌý a financial institution carrying on a business that involves the lending of money is entitled to the interest

2. Ìý

   •ÌýÌýÌýÌý the financial institution has acquired the interest in the course of that business and in connection with those lending activities, and

3. Ìý

   •ÌýÌýÌýÌý the interest is