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Land and Buildings Transaction Tax (Scotland) Act 2013
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- 01/04/2015- Amendment
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Valid from 01/04/2015
23Exceptions from deemed market valueS
This section has no associated Explanatory Notes
(1)Section 22 does not apply in the following cases.
(2)In the following provisions “the company” means the company that is the buyer in relation to the transaction in question.
(3)Case 1 is where immediately after the transaction the company holds the property as trustee in the course of a business carried on by it that consists of or includes the management of trusts.
(4)Case 2 is where—
(a)immediately after the transaction the company holds the property as trustee, and
(b)the seller is connected with the company only because of section 1122(6) of the Corporation Tax Act 2010 (c.4).
(5)Case 3 is where—
(a)the seller is a company and the transaction is, or is part of, a distribution of the assets of that company (whether or not in connection with its winding up), and
(b)it is not the case that—
(i)the subject-matter of the transaction, or
(ii)an interest from which that interest is derived,
has, within the period of 3 years immediately preceding the effective date of the transaction, been the subject of a transaction in respect of which group relief was claimed by the seller.
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