PART 5Application of act to certain persons and bodies
I147Residential property holding companies
1
The Scottish Ministers may, by regulations, provide for qualifying transfers of interests in residential property holding companies—
a
to be treated as land transactions, and
b
to be chargeable transactions.
2
A “residential property holding company” means a company—
a
whose sole or main activity is holding or investing in chargeable interests in residential property,
b
whose property consists of or includes chargeable interests in residential property, and
c
whose shares are not listed on a recognised stock exchange.
3
For the purposes of subsection (2)(a) “chargeable interests” includes any interest which would be a chargeable interest but for the fact that it relates to land outwith Scotland.
4
A “qualifying transfer” is a transfer of an interest in such a company that results in the transferee acquiring the right to occupy some or all of the company's residential property.
5
Regulations under subsection (1) may in particular make provision, or further provision, about—
a
the kinds of interest, transfer of which is a qualifying transfer,
b
the kinds of transfers which are and are not qualifying transfers,
c
the rights which are rights to occupy a company's residential property for the purposes of such transfers,
d
the chargeable consideration in the case of such transfers,
e
the tax bands and tax rates that are to apply to such transfers (including specifying tax bands and tax rates for such transfers),
f
the person who is to be liable to pay the tax,
g
the application or disapplication of any reliefs in relation to such transfers.
6
Regulations under subsection (1) may also provide that, for the purposes of this section, “residential property” includes such other kinds of property as may be specified in the regulations.
7
Regulations under subsection (1) may modify any enactment (including this Act).