Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 16D paragraph 1

Overview

Schedule 16D paragraph 1 provides an overview of the green freeports relief from Land and Buildings Transaction Tax, which applies to certain transactions involving land situated within designated green freeport tax sites in Scotland.

• The schedule establishes a relief from LBTT for qualifying land transactions within green freeport tax sites
• Relief is available only where specific conditions are met, as set out in the detailed provisions of the schedule
• The relief can be withdrawn in certain circumstances, meaning the tax that was initially relieved may become payable
• Special rules apply where the transaction involves alternative finance arrangements, such as Islamic finance products