Land and Buildings Transaction Tax (Scotland) Act 2013 section 33

Definitions for share acquisition relief

Section 33 of Schedule 11 defines what is meant by "share acquisition relief" for the purposes of the rules on when reconstruction relief or acquisition relief is not withdrawn.

• Share acquisition relief refers to relief available under section 77 of the Finance Act 1986, which provides an exemption from stamp duty on certain share acquisitions.
• A transfer qualifies as one to which share acquisition relief applies if the instrument effecting the transfer is exempt from stamp duty under that provision.
• This definition is relevant to paragraphs 19 and 25 of Schedule 11, which deal with circumstances where LBTT reconstruction relief or acquisition relief is not withdrawn.
• The practical effect is to link the LBTT relief withdrawal rules to the existing UK stamp duty share acquisition relief framework.

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