A land transaction is the acquisition of a chargeable interest.
(1)A chargeable interest is an interest of a kind mentioned in subsection (2) which is not an exempt interest.
(2)The interests are—
(a)a real right or other interest in or over land in Scotland, or
(b)the benefit of an obligation, restriction or condition affecting the value of any such right or interest.
(3)In subsection (2), “land in Scotland” does not include land below mean low water mark.
(1)An interest is exempt if it is a security interest.
(2)In subsection (1) a “security interest” means a real right or other interest in or over land held for the purpose of securing the payment of money or the performance of any other obligation.
(3)See also paragraphs 21 to 24 of schedule 7 (which make additional provision about exempt interests in relation to alternative property finance arrangements).
(4)The Scottish Ministers may, by regulations, modify this section so as to—
(a)provide that a description of a real right or other interest in or over land is an exempt interest,
(b)provide that a description of a real right or other interest in or over land is no longer to be an exempt interest,
(c)vary a description of an exempt interest.
(1)Each of the following is an acquisition and a disposal of a chargeable interest—
(a)the creation of the interest,
(b)the renunciation or release of the interest,
(c)the variation of the interest (but not the variation of a lease).
(2)The variation of a lease is treated as an acquisition and a disposal of a chargeable interest only where paragraph 29 of schedule 19 (reduction of rent or term or other variation of lease) applies.
(3)A person acquires a chargeable interest where—
(a)the person becomes entitled to the interest on its creation,
(b)the person’s interest or right is benefitted or enlarged by the renunciation or release of the interest, or
(c)the person benefits from the variation of the interest.
(4)A person disposes of a chargeable interest where—
(a)the person’s interest or right becomes subject to the interest on its creation,
(b)the person ceases to be entitled to the interest on its being renounced or released, or
(c)the person’s interest or right is subject to or limited by the variation of the interest.
(5)Except as otherwise provided, this Act applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any enactment or by operation of law.
(1)The buyer, in relation to a land transaction, is the person who acquires the subject-matter of the transaction.
(2)But a person is treated as the buyer only where that person has given consideration for, or is a party to, the transaction.
(3)The seller, in relation to a land transaction, is the person who disposes of the subject-matter of the transaction.