Source: http://www.legislation.gov.uk/asp/2013/11/schedule/7/part/2
Timestamp: 2019-10-23 16:53:23
Document Index: 566799600

Matched Legal Cases: ['ART 2', 'ART 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

There are currently no known outstanding effects for the Land and Buildings Transaction Tax (Scotland) Act 2013, PART 2.
PART 2SAlternative property finance: arrangements relieved
Land sold to financial institution and leased to personS
2Paragraphs 3 to 6 apply where arrangements are entered into between a person and a financial institution under which the institution—
(b)grants to the person out of that interest a lease (if the interest acquired is the interest of the owner) or a sub-lease (if the interest acquired is the tenant's right over or interest in a property subject to a lease) (“the second transaction”), and
(c)enters into an agreement under which the person has a right to require the institution to transfer the major interest purchased by the institution under the first transaction.
I1 Sch. 7 para. 2 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
3The first transaction is exempt from charge if the seller is—
(b)another financial institution by whom the interest was acquired under arrangements of the kind mentioned in paragraph 2 entered into between it and the person.
I2 Sch. 7 para. 3 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
I3 Sch. 7 para. 4 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
5A transfer to the person that results from the exercise of the right mentioned in paragraph 2(c) (“the third transaction”) is exempt from charge if—
(a)the provisions of this Act relating to the first and second transactions are complied with, and
(ii)the lease or sub-lease granted under the second transaction is held by the person.
I4 Sch. 7 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
6The agreement mentioned in paragraph 2(c) is not to be treated—
(a)as substantially performed unless and until the third transaction is entered into (and accordingly section 14 does not apply), or
(b)as a distinct land transaction by virtue of section 12 (options and rights of pre-emption).
I5 Sch. 7 para. 6 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
Land sold to financial institution and person in commonS
I6 Sch. 7 para. 7 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
8The first transaction is exempt from charge if the seller is—
(b)another financial institution by whom the interest was acquired under arrangements of the kind mentioned in paragraph 7 entered into between it and the person.
I7 Sch. 7 para. 8 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
9The second transaction is exempt from charge if the provisions of this Act relating to the first transaction are complied with (including payment of any tax chargeable).
I8 Sch. 7 para. 9 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
10Any transfer to the person that results from the exercise of the right mentioned in paragraph 7(c) (“a further transaction”) is exempt from charge if—
(a)the provisions of this Act relating to the first transaction are complied with, and
(b)at all times between the first and the further transaction—
(i)the interest purchased under the first transaction is held by a financial institution and the person as common owners, and
(ii)the land is occupied by the person under the agreement mentioned in paragraph 7(b).
I9 Sch. 7 para. 10 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
11The agreement mentioned in paragraph 7(c) is not to be treated—
(a)as substantially performed unless and until the whole interest purchased by the institution under the first transaction has been transferred (and accordingly section 14 does not apply), or
I10 Sch. 7 para. 11 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
12A further transaction that is exempt from charge by virtue of paragraph 10 is not a notifiable transaction unless the transaction involves the transfer to the person of the whole interest purchased by the institution under the first transaction, so far as not transferred by a previous further transaction.
I11 Sch. 7 para. 12 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
Land sold to financial institution and re-sold to personS
I12 Sch. 7 para. 13 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
I13 Sch. 7 para. 14 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
15The second transaction is exempt from charge if the financial institution complies with the provisions of this Act relating to the first transaction (including the payment of any tax chargeable on a chargeable consideration that is not less than the market value of the interest and, in the case of the grant of a lease, the rent).
I14 Sch. 7 para. 15 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2