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Textual Amendments
F1Sch. 2A inserted (1.4.2016) by Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 (asp 11), ss. 1(3), 5(2) (with s. 3)
3(1)This schedule applies to a chargeable transaction if the following conditions are satisfied—S
(a)the subject-matter of the transaction consists of or includes the acquisition of ownership of a dwelling,
(b)the relevant consideration for the transaction is £40,000 or more, and
(c)the buyer—
(i)is not an individual, or
(ii)is an individual and sub-paragraph (2) or (5) applies.
(2)This sub-paragraph applies if the acquisition is made in the course of a business of the individual the sole or main activity of which is investing or dealing in chargeable interests.
(3)Sub-paragraph (2) of paragraph 31 of schedule 17 applies for the purposes of sub-paragraph (2) of this paragraph as it applies for the purposes of paragraph 31(1) of that schedule.
(4)In sub-paragraph (2), the reference to a business of the individual includes a reference to a business of a partnership of which the individual is a partner.
(5)This sub-paragraph applies if the individual is making the acquisition as trustee under a settlement and, in relation to any dwelling that is or forms part of the subject-matter of the transaction, there is no interested beneficiary.
(6)For the purposes of sub-paragraph (5), a beneficiary under the settlement is an interested beneficiary in relation to a dwelling if the beneficiary has or will have a relevant interest in the dwelling.]