Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 7 Alternative property finance relief

PART 2 Alternative property finance: arrangements relieved

Land sold to financial institution and person in common

10 Any transfer to the person that results from the exercise of the right mentioned in paragraph 7(c) (“a further transaction”) is exempt from charge if—

(a) the provisions of this Act relating to the first transaction are complied with, and

(b) at all times between the first and the further transaction—

(i) the interest purchased under the first transaction is held by a financial institution and the person as common owners, and

(ii) the land is occupied by the person under the agreement mentioned in paragraph 7(b).