Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 11 Reconstruction relief and acquisition relief

PART 3 Acquisition relief

Qualifying conditions

8 Where the consideration for the acquisition consists partly of the issue of non-redeemable shares as mentioned in qualifying condition (b), that condition is met only if the rest of the consideration consists wholly of—

(a) cash not exceeding 10% of the nominal value of the non-redeemable shares so issued,

(b) the assumption or discharge by the acquiring company of liabilities of the target company, or

(c) both of those things.