Land and Buildings Transaction Tax (Scotland) Act 2013 section Sch 8 para 14

Condition G: transfer back and time limits

Schedule 8 paragraph 14 sets out Condition G, which requires that the land interest is transferred back from the bond-holder to the original owner within strict time limits for the alternative finance relief to apply.

• Once the land ceases to be held as a bond asset, it must be transferred back from Q (the bond-holder) to P (the original owner) within 30 days.
• This return transfer is referred to as "the second transaction."
• The second transaction must take place no more than 10 years after the first transaction (i.e. the original transfer of the land to Q).
• Scottish Ministers have the power to change the 10-year time limit by regulations, substituting a different period if they see fit.