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

SCHEDULE 8 S Relief for alternative finance investment bonds

PART 2 S Issue, transfer and redemption of rights under bond not to be treated as chargeable transaction

Relief not available where bond-holder acquires control of underlying asset S

5 (1) Paragraph 4 does not apply if control of the underlying asset is acquired by— S

(a) a bond-holder, or

(b) a group of connected bond-holders.

(2) A bond-holder (BH), or a group of connected bond-holders, acquires control of the underlying asset if—

(a) the rights of bond-holders under an alternative finance investment bond include the right of management and control of the bond assets, and

(b) BH, or the group, acquires sufficient rights to enable BH, or the members of the group acting jointly, to exercise the right of management and control of the bond assets to the exclusion of any other bond-holders.

Commencement Information

I1 Sch. 8 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2