Point in time view as at 01/04/2024.
There are currently no known outstanding effects for the Land and Buildings Transaction Tax (Scotland) Act 2013, Section 5.
(1)An interest is exempt if it is a security interest.
(2)In subsection (1) a “security interest” means a real right or other interest in or over land held for the purpose of securing the payment of money or the performance of any other obligation.
(3)See also paragraphs 21 to 24 of schedule 7 (which make additional provision about exempt interests in relation to alternative property finance arrangements).
(4)The Scottish Ministers may, by regulations, modify this section so as to—
(a)provide that a description of a real right or other interest in or over land is an exempt interest,
(b)provide that a description of a real right or other interest in or over land is no longer to be an exempt interest,
(c)vary a description of an exempt interest.
Commencement Information
I1S. 5 in force at 1.4.2015 by S.S.I. 2015/108, art. 2
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