F1SCHEDULE 10ASub-sale development relief
PART 2The relief
Qualifying conditions
4
1
The qualifying conditions are that—
a
the substantial performance or completion of the first contract takes place at the same time as, and in connection with, the substantial performance or completion of the qualifying sub-sale, and
b
significant development for commercial purposes of the subject-matter of the qualifying sub-sale will be completed within the relevant period.
2
For the purposes of sub-paragraph (1)(a), an assignation, sub-sale or other transaction (relating to the whole or part of the subject-matter of the qualifying sub-sale), as a result of which a person other than the second buyer becomes entitled to call for a conveyance to that person, is not to be treated as substantial performance of the qualifying sub-sale.
3
The “relevant period” is the period of 5 years from the date on which the first buyer entered into the qualifying sub-sale.
Sch. 10A inserted (1.4.2015) by The Land and Buildings Transaction Tax (Sub-sale Development Relief and Multiple Dwellings Relief) (Scotland) Order 2015 (S.S.I. 2015/123) , arts. 1(1) , 7 , Sch.