Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 8 paragraph 23

Registration of discharge of security

Schedule 8 paragraph 23 deals with the requirement for Revenue Scotland to register the discharge of a security in the Land Register of Scotland when relief conditions for alternative finance investment bonds are met.

• When a security over land is discharged because the conditions for relief under alternative finance investment bond arrangements have been satisfied, Revenue Scotland must register that discharge.
• The discharge must be registered in the Land Register of Scotland.
• Revenue Scotland has a 30-day deadline to complete the registration, running from the date on which the bond-holder (referred to as "Q") provides the necessary evidence.
• This applies to discharges made under the standard relief conditions (paragraph 20) as well as discharges following the substitution of an asset (paragraph 21).