[F14.(1)The qualifying conditions are that—S
(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.]
Textual Amendments
F1 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.