SCHEDULE 16Public bodies relief

(introduced by section 27)

The relief

1A land transaction entered into on, in consequence of or in connection with a reorganisation effected by or under an enactment is exempt from charge if the buyer and seller are both public bodies.

2The Scottish Ministers may, by order, provide that a land transaction that is not entered into as mentioned in paragraph 1 is exempt from charge if—

(a)the transaction is effected by or under an enactment specified in the order, and

(b)either the buyer or the seller is a public body.

Meaning of “reorganisation”

3A “reorganisation” means changes involving—

(a)the establishment, reform or abolition of one or more public bodies,

(b)the creation, alteration or abolition of functions to be discharged or discharged by one or more public bodies, or

(c)the transfer of functions from one public body to another.

Public bodies

4The following are public bodies for the purposes of this schedule—

5In this schedule, references to a public body include—

(a)a company in which all the shares are owned by such a body, and

(b)a wholly-owned subsidiary of such a company.

6In paragraphs 4 and 5, “company” means a company as defined by section 1 of the Companies Act 2006.