home reversion plan

(in accordance with article 63B(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 reversion provider) buys all or part of a qualifying interest in land from an individual or trustees (the reversion occupier);
2. (b) the reversion occupier (if he is an individual) or an individual who is a beneficiary of the trust (if the reversion occupier 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
3. (c) the arrangement specifies that the entitlement to occupy will end on the occurrence of one or more of:
   1. (i) a person in (b) becoming a resident of a care home;
   2. (ii) a person in (b) dying; or
   3. (iii) the end of a specified period of at least twenty years from the date the reversion occupier entered into the arrangement;

in this definition "related person" means:

1. (A) that person's spouse or civil partner;
2. (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
3. (C) that person's parent, brother, sister, child, grandparent or grandchild.