SCHEDULES
SCHEDULE 3Scottish tax on land transactions: consequential amendments
Part 1Disapplication of stamp duty land tax to Scotland
Finance Act 2009
31
1
Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.
2
Paragraph 1 (interpretation) is amended as follows.
3
In sub-paragraph (1)—
a
before the definition of “HMRC” insert—
“effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;
b
omit the definition of “qualifying interest”.
4
After sub-paragraph (1) insert—
1A
In this Schedule “qualifying interest”—
a
in relation to land in England and Wales or Northern Ireland, means a major interest in land (within the meaning given by section 117 of FA 2003) except that it does not include a lease for a term of years of 21 years or less;
b
in relation to land in Scotland, means—
i
the interest of an owner of land, or
ii
the tenant's right over or interest in a property subject to a lease,
except that it does not include a lease for a period of 21 years or less.
5
Paragraph 5 (conditions for operation of relief) is amended as follows.
6
In sub-paragraph (6) (Condition D)—
a
after “Condition D” insert “
(which applies in the case of land in England and Wales or Northern Ireland)
”
;
b
omit paragraph (b).
7
In sub-paragraph (7) (charge or security for purposes of Condition D)—
a
omit “or security”;
b
in paragraph (a) omit “, or a security ranking first granted over,”.
8
In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “
England and Wales or Northern Ireland
”
.
9
In paragraph 7 (withdrawal of relief in certain circumstances)—
a
in sub-paragraph (1) after “This paragraph applies if” insert “
paragraph 6 applies but
”
;
b
in sub-paragraph (2) after “This paragraph also applies if” insert “
paragraph 6 applies but
”
.
10
In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.
11
In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “
England and Wales or Northern Ireland
”
.
12
In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “
England and Wales or Northern Ireland
”
.
13
In paragraph 18(5) and (6) (discharge of charge if original land replaced)—
a
for “the United Kingdom” substitute “
England and Wales or Northern Ireland
”
;
b
omit “or security”.
14
In paragraph 19(1) (HMRC to notify Registrar of discharge)—
a
omit “or security”;
b
omit paragraph (b).