SCHEDULES

SCHEDULE 3U.K.Scottish tax on land transactions: consequential amendments

Part 1 U.K.Disapplication of stamp duty land tax to Scotland

Finance Act 2009U.K.

31(1)Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.U.K.

(2)Paragraph 1 (interpretation) is amended as follows.

(3)In sub-paragraph (1)—

(a)before the definition of “HMRC” insert—

““effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;”;

(b)omit the definition of “qualifying interest”.

F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)Paragraph 5 (conditions for operation of relief) is amended as follows.

(6)In sub-paragraph (6) (Condition D)—

(a)after “Condition D” insert “ (which applies in the case of land in England and Wales or Northern Ireland) ”;

(b)omit paragraph (b).

(7)In sub-paragraph (7) (charge or security for purposes of Condition D)—

(a)omit “or security”;

(b)in paragraph (a) omit “, or a security ranking first granted over,”.

(8)In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(9)In paragraph 7 (withdrawal of relief in certain circumstances)—

(a)in sub-paragraph (1) after “This paragraph applies if” insert “ paragraph 6 applies but ”;

(b)in sub-paragraph (2) after “This paragraph also applies if” insert “ paragraph 6 applies but ”.

(10)In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.

(11)In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(12)In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.

(13)In paragraph 18(5) and (6) (discharge of charge if original land replaced)—

(a)for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”;

(b)omit “or security”.

(14)In paragraph 19(1) (HMRC to notify Registrar of discharge)—

(a)omit “or security”;

(b)omit paragraph (b).

Textual Amendments

F1Sch. 3 para. 31(4) omitted (with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 16; S.I. 2018/214, art. 2(a)

Commencement Information