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 re-sold to person S

13 S Paragraphs 14 and 15 apply where arrangements are entered into between a person and a financial institution under which—

(a) the institution—

(i) purchases a major interest in land (“the first transaction”), and

(ii) sells that interest to the person (“the second transaction”), and

(b) the person grants the institution a standard security over that interest.

Commencement Information

I1 Sch. 7 para. 13 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

14 S The first transaction is exempt from charge if the seller is—

(a) the person, or

(b) another financial institution by whom the interest was acquired under other arrangements of the kind mentioned in paragraph 2 or 7 entered into between it and the person.

Commencement Information

I2 Sch. 7 para. 14 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

15 S The second transaction is exempt from charge if the financial institution complies with the provisions of this Act relating to the first transaction (including the payment of any tax chargeable on a chargeable consideration that is not less than the market value of the interest and, in the case of the grant of a lease, the rent).

Commencement Information

I3 Sch. 7 para. 15 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2