- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Land and Buildings Transaction Tax (Scotland) Act 2013, Cross Heading: Land sold to financial institution and person in common.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
7SParagraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—
(a)the institution and the person purchase a major interest in land as common owners (“the first transaction”),
(b)the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and
(c)the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.
Commencement Information
I1 Sch. 7 para. 7 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
8SThe first transaction is exempt from charge if the seller is—
(a)the person, or
(b)another financial institution by whom the interest was acquired under arrangements of the kind mentioned in paragraph 7 entered into between it and the person.
Commencement Information
I2 Sch. 7 para. 8 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
9SThe second transaction is exempt from charge if the provisions of this Act relating to the first transaction are complied with (including payment of any tax chargeable).
Commencement Information
I3 Sch. 7 para. 9 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
10SAny 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).
Commencement Information
I4 Sch. 7 para. 10 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
11SThe agreement mentioned in paragraph 7(c) is not to be treated—
(a)as substantially performed unless and until the whole interest purchased by the institution under the first transaction has been transferred (and accordingly section 14 does not apply), or
(b)as a distinct land transaction by virtue of section 12 (options and rights of pre-emption).
Commencement Information
I5 Sch. 7 para. 11 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
12SA further transaction that is exempt from charge by virtue of paragraph 10 is not a notifiable transaction unless the transaction involves the transfer to the person of the whole interest purchased by the institution under the first transaction, so far as not transferred by a previous further transaction.
Commencement Information
I6 Sch. 7 para. 12 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: