Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 13B paragraph 2

Interpretation

Schedule 13B paragraph 2 defines the key term used throughout the schedule.

  • The term "building society" is specifically defined for the purposes of this schedule.
  • The definition refers back to the Building Societies Act 1986, section 119(1).
  • A building society is essentially a mutual financial institution owned by its members, primarily providing mortgage and savings services.
  • This definition ensures consistency with the established UK-wide legal meaning of the term.

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