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

SCHEDULE 7 Alternative property finance relief

PART 2 Alternative property finance: arrangements relieved

Land sold to financial institution and person in common

11 The agreement mentioned in paragraph 7(c) is not to be treated—

(a) as substantially performed unless and until the whole interest purchased by the institution under the first transaction has been transferred (and accordingly section 14 does not apply), or

(b) as a distinct land transaction by virtue of section 12 (options and rights of pre-emption).