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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies where a contract is entered into under which a chargeable interest is to be conveyed by one party to the contract (A) at the direction or request of the other (B)—
(a)to a person (C) who is not a party to the contract, or
(b)either to C or to B.
(2)B is not regarded as entering into a land transaction by reason of entering into the contract, but the following provisions have effect.
(3)If the contract is substantially performed, B is treated for the purposes of this Act as acquiring a chargeable interest, and accordingly as entering into a land transaction.
(4)In such a case, the effective date of the transaction is when the contract is substantially performed.
(5)Where the contract is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of subsection (3) is to be (to that extent) repaid by the Tax Authority.
(6)Repayment must be claimed by amendment of the land transaction return made in respect of the contract.
(7)Subject to subsection (8), sections 8 to 10 do not apply in relation to the contract.
(8)Where—
(a)this section applies by virtue of subsection (1)(b), and
(b)by reason of B’s direction or request, A becomes obliged to convey a chargeable interest to B,
sections 8 to 10 apply to that obligation as they apply to a contract for a land transaction that is to be completed by a conveyance.
(9)Sections 8 to 10 apply in relation to any contract between B and C, in respect of the chargeable interest referred to in subsection (1), that is to be completed by a conveyance.
(10)References to completion in sections 8 to 10, as they apply by virtue of subsection (9), include references to conveyance by A to C of the subject-matter of the contract between B and C.
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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
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