Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 7 paragraph 18

Conditional arrangements for acquiring control of a financial institution

Paragraph 18 of Schedule 7 clarifies that arrangements for a person to acquire control of a relevant financial institution are included within the scope of the relief provisions, but only where such acquisition is subject to one or more conditions being met.

• This paragraph addresses situations where control of a financial institution is to be acquired subject to conditions.
• The conditions may include the happening of a specified event or the doing of a particular act.
• Conditional arrangements are treated as falling within the scope of the relevant provisions, even though the acquisition of control has not yet taken place.
• This ensures that arrangements which are contingent rather than unconditional are still caught by the legislation.