Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 7 para 14

Exemption for the first transaction where seller is the original person or another financial institution

Schedule 7 paragraph 14 sets out when the first transaction in an alternative property finance arrangement is exempt from LBTT, based on the identity of the seller.

• The first transaction in the arrangement is exempt from LBTT charge in certain circumstances relating to who the seller is.
• The exemption applies if the seller is the individual (or entity) who originally entered into the alternative finance arrangements.
• The exemption also applies if the seller is a different financial institution that previously acquired the interest under its own separate alternative finance arrangements with the same person.
• Those separate arrangements must have been of the type described in paragraph 2 (land sold to a financial institution and leased back) or paragraph 7 (land sold to a financial institution and held in common ownership) of Schedule 7.