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Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016

Paragraph 16 of schedule 2A – Deemed ownership: proper liferents

70.Liferent is a formal arrangement where the liferenter is given the effective ownership and use of property for their lifetime. Scots law recognises two forms of liferent – the more common type constituted via trust (which is within paragraph 11) and “proper” liferent which is dealt with in paragraph 16. The liferenter’s interest is treated as ownership and the original owner and fiar’s interests are not treated as ownership. The fiar is the person who will become owner on the liferenter’s death.

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