Land and Buildings Transaction Tax (Scotland) Act 2013

[F1 PART 5 S Alternative finance arrangements

Textual Amendments

F1 Sch. 16D inserted (1.10.2023) by The Land and Buildings Transaction Tax (Green Freeports Relief) (Scotland) Order 2023 (S.S.I. 2023/280), art. 1(1), sch.

Cases involving alternative finance arrangements S

11. (1) This paragraph applies where schedule 7 applies.

(2) This paragraph applies for the purposes of determining—

(a) whether relief is available under Part 2 of this schedule for the first transaction,

(b) whether relief allowed for the first transaction is withdrawn under Part 4 of this schedule.

(3) For those purposes this schedule has effect as if—

(a) references to the buyer were references to the relevant person,

(b) the reference in paragraph 7(2)(d) to land held (as stock of the business) for resale without development or redevelopment were a reference to land held in that manner by the relevant person.

(4) The first transaction does not qualify for relief under Part 2 of this schedule except where it does so by virtue of this paragraph.

(5) In this paragraph—

• “the first transaction” has the same meaning as in schedule 7,

• “the relevant person” means the person, other than the financial institution, who entered into the arrangements mentioned in schedule 7.]