Search Legislation

Scotland Act 2012

Status:

This is the original version (as it was originally enacted).

Finance Act 2009

This section has no associated Explanatory Notes

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

(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”.

(4)After sub-paragraph (1) insert—

(1A)In this Schedule “qualifying interest”—

(a)in relation to land in England and Wales or Northern Ireland, means a major interest in land (within the meaning given by section 117 of FA 2003) except that it does not include a lease for a term of years of 21 years or less;

(b)in relation to land in Scotland, means—

(i)the interest of an owner of land, or

(ii)the tenant’s right over or interest in a property subject to a lease,

except that it does not include a lease for a period of 21 years or less.

(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).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

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.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act 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 Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources