Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 8 para 20

Release of security over land after conditions are met

Schedule 8 paragraph 20 deals with what happens to the security registered over land once the purchaser demonstrates to Revenue Scotland that all the required conditions for group relief have been satisfied after the second transaction.

• After the effective date of the second transaction, the purchaser (Q) may submit prescribed evidence to Revenue Scotland showing that the relevant conditions have been met.
• The conditions that must be evidenced are conditions A to C (relating to the nature and terms of the transactions) and conditions E to G (relating to compliance and ongoing requirements).
• Condition D, which required the registration of a security over the land, does not itself need to be separately evidenced — it is the security that is being released.
• Once Revenue Scotland is satisfied that the prescribed evidence has been provided, the land is automatically released from the security that was registered under condition D.