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 leased to person

2 Paragraphs 3 to 6 apply where arrangements are entered into between a person and a financial institution under which the institution—

(a) purchases a major interest in land (“the first transaction”),

(b) grants to the person out of that interest a lease (if the interest acquired is the interest of the owner) or a sub-lease (if the interest acquired is the tenant’s right over or interest in a property subject to a lease) (“the second transaction”), and

(c) enters into an agreement under which the person has a right to require the institution to transfer the major interest purchased by the institution under the first transaction.