SCHEDULE 6Relief for certain acquisitions by registered social landlords
The relief
1
A land transaction under which the buyer is a registered social landlord is exempt from charge if F1one or more of the qualifying conditions are met.
The qualifying conditions
2
The qualifying conditions are—
(a)
that the registered social landlord is controlled by its tenants,
(b)
that the seller is one of the following—
(i)
a registered social landlord,
(ii)
the Scottish Ministers,
(iii)
a local authority, F2or
(c)
that the transaction is funded with the assistance of a grant or other financial assistance—
(i)
made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (c.39) (application of money by distributing bodies), or
(ii)
under section 2 of the Housing (Scotland) Act 1988 (c.43) (general functions of the Scottish Ministers).
Landlord controlled by tenants
3
The reference in paragraph 2(a) to a registered social landlord controlled by its tenants is to a registered social landlord the majority of whose board members are tenants occupying properties owned or managed by it.
4
For the purposes of paragraph 3, “board member” is to be construed as follows—
Type of registered social landlord | Board member |
|---|---|
Company | A director of the company |
Body corporate whose affairs are managed by its members | A member |
Body of trustees | A trustee |
None of the above | A member of the committee of management or other body to which is entrusted the direction of the affairs of the registered social landlord |