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There are currently no known outstanding effects for the Land and Buildings Transaction Tax (Scotland) Act 2013, Paragraph 21.
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21(1)This paragraphs applies if—S
(a)conditions A to C and G are met in relation to an interest in land (“the original land”),
(b)Q ceases to hold the original land as a bond asset (and, accordingly, transfers it to P) before the termination of the alternative finance investment bond,
(c)P and Q enter into further arrangements falling within paragraph 8 relating to an interest in other land (“the replacement land”), and
(d)the value of the interest in the replacement land at the time that it is transferred from P to Q is greater than or equal to the value of the interest in the original land at the time of the first transaction.
(2)Paragraphs 15 to 20 apply—
(a)in relation to the original land with the modification set out in sub-paragraph (3), and
(b)in relation to the replacement land with the modifications set out in sub-paragraph (4).
(3)Condition F does not need to be met in relation to the original land if conditions A, B, C, F and G (as modified by sub-paragraph (4)) are met in relation to the replacement land.
(4)In relation to the replacement land—
(a)condition E applies as if the reference to the interest in the land were a reference to the interest in the original land, and
(b)condition G apples as if the reference in paragraph 14(1)(b) to the first transaction were a reference to the first transaction relating to the original land.
(5)If the replacement land is in Scotland, the original land ceases to be subject to the security registered in pursuance of condition D when—
(a)Q provides the Tax Authority with the prescribed evidence that condition G is met in relation to the original land, and
(b)condition D is met in relation to the replacement land.
(6)If the replacement land is not in Scotland, the original land ceases to be subject to the security registered in pursuance of condition D when Q provides the Tax Authority with the prescribed evidence that—
(a)condition G is met in relation to the original land, and
(b)each of conditions A to C is met in relation to the replacement land.
Commencement Information
I1 Sch. 8 para. 21 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
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