Land and Buildings Transaction Tax (Scotland) Act 2013 section 41

Meaning of "above" in group structure

Section 41 of Schedule 10 defines what it means for a company to be "above" the seller in a group structure, for the purposes of the rules on non-withdrawal of group relief on winding up (paragraph 20) and the rules on the seller leaving the group (paragraph 27).

• This paragraph defines the term "above" when referring to a company's position relative to the seller within a corporate group structure.
• A company is "above" the seller if the seller is a 75% subsidiary of that company.
• A company is also "above" the seller if another company that is itself above the seller is a 75% subsidiary of the company in question.
• This definition applies specifically for the purposes of the group relief withdrawal rules in paragraphs 20 and 27 of Schedule 10.

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