3(1)The grant, assignation or renunciation of—
(a)a lease of residential property (which is not a qualifying lease), or
(b)a licence to occupy property (which is not a prescribed non-residential licence),
is an exempt transaction.
(2)For the purposes of sub-paragraph (1)(a), a transaction in respect of a lease of residential property is exempt only if—
(a)the main subject-matter of the transaction consists entirely of an interest in land that is residential property, or
(b)where the transaction is one of a number of linked transactions, the main subject-matter of each transaction consists entirely of such an interest.
(3)In sub-paragraph (1)(a), “qualifying lease” has the same meaning as in the Long Leases (Scotland) Act 2012 (asp 9).
(4)In sub-paragraph (1)(b), “prescribed non-residential licence” means a licence of a description prescribed by the Scottish Ministers in regulations under section 53(1).