Land and Buildings Transaction Tax (Scotland) Act 2013 section 10

Disposal of interest in part of qualifying green freeport land during control period

Section 10 of Schedule 16D explains what happens when a buyer sells or otherwise disposes of their interest in only part of the qualifying green freeport land during the control period, and how this affects the clawback provisions.

• This provision applies when a buyer gives up their chargeable interest in only part of the qualifying green freeport land during the control period, rather than all of it.
• Where a partial disposal occurs, the clawback and disqualifying event rules (in paragraphs 8 and 9 of Schedule 16D) are adjusted so that they apply only to the portion of the land the buyer still holds.
• The interest the buyer retains may be the original chargeable interest acquired in the relieved transaction, or it may be a different chargeable interest in the same land.
• In effect, the buyer's ongoing obligations under the control period are narrowed to cover only the retained portion of the qualifying green freeport land.