Land and Buildings Transaction Tax (Scotland) Act 2013

SCHEDULE 3 S Sale and leaseback relief

(introduced by section 27)

The relief S

1 S The leaseback element of a sale and leaseback arrangement is exempt from charge if the qualifying conditions are met.

Commencement Information

I1 Sch. 3 para. 1 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Sale and leaseback arrangements S

2 S A sale and leaseback arrangement is an arrangement under which—

(a) a person (A) transfers or grants to another person (B) a major interest in land (the “sale”), and

(b) out of that interest B grants a lease to A (the “leaseback”).

Commencement Information

I2 Sch. 3 para. 2 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Qualifying conditions S

3 S The qualifying conditions are—

(a) that the sale transaction is entered into wholly or partly in consideration of the leaseback transaction being entered into,

(b) that the only other consideration (if any) for the sale is the payment of money (whether in sterling or another currency) or the assumption, satisfaction or release of a debt (or both), and

(c) where A and B are both bodies corporate at the effective date of the leaseback transaction, that they are not members of the same group for the purposes of group relief (see schedule 10) at that date.

Commencement Information

I3 Sch. 3 para. 3 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Interpretation S

4 S In this schedule, “debt” has the same meaning as in paragraph 6(4) of schedule 1.

Commencement Information

I4 Sch. 3 para. 4 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2