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

SCHEDULE 7 S Alternative property finance relief

PART 2 S Alternative property finance: arrangements relieved

Land sold to financial institution and person in common S

7 S Paragraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—

(a) the institution and the person purchase a major interest in land as common owners (“the first transaction”),

(b) the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and

(c) the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.

Commencement Information

I1 Sch. 7 para. 7 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2