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 re-sold to person

13 Paragraphs 14 and 15 apply where arrangements are entered into between a person and a financial institution under which—

(a) the institution—

(i) purchases a major interest in land (“the first transaction”), and

(ii) sells that interest to the person (“the second transaction”), and

(b) the person grants the institution a standard security over that interest.