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Land and Buildings Transaction Tax (Scotland) Act 2013

▸ PART 1 Land and buildings transaction tax
  • Section 1 – The tax
  • Section 2 – Overview
▸ PART 2 Key concepts
  • ▸ CHAPTER 1 Land transactions and chargeable interests
    • Land transaction
    • Chargeable interest
    • Acquisition and disposal of chargeable interest
  • ▸ CHAPTER 2 Provision about particular transactions
    • General rules for contracts requiring conveyance
    • Contract providing for conveyance to third party
    • Options etc.
    • Exchanges
    • Interpretation
  • ▸ CHAPTER 3 Chargeable transactions and chargeable consideration
    • Chargeable transaction
    • Chargeable consideration
    • Contingent, uncertain or unascertained consideration
    • Annuities etc.
    • Deemed market value
▸ PART 3 Calculation of tax and reliefs
  • ▸ Amount of tax chargeable
    • Section 24 – Tax rates and tax bands
    • Section 25 – Amount of tax chargeable
    • Section 26 – Amount of tax chargeable: linked transactions
    • Section 26A – Additional amount: transactions relating to second homes etc.
  • ▸ Reliefs
    • Section 27 – Reliefs
  • ▸ Liability for tax
    • Section 28 – Liability for tax
▸ PART 4 Returns and payment
  • ▸ CHAPTER 1 Returns
    • Duty to make return
    • Notifiable transactions
    • Adjustments and further returns
    • Returns: form and content etc.
    • Miscellaneous
  • ▸ CHAPTER 2 Payment of tax
    • Section 40 – Payment of tax
    • Section 41 – Application to defer payment in case of contingent or uncertain consideration
    • Section 42 – Regulations about applications under section 41
  • ▸ CHAPTER 3 Registration of land transactions etc.
    • Section 43 – Return to be made and tax paid before application for registration
▸ PART 5 Application of act to certain persons and bodies
  • Section 44 – Companies and other organisations
  • Section 45 – Unit trust schemes
  • Section 46 – Open-ended investment companies
  • Section 47 – Residential property holding companies
  • Section 48 – Joint buyers
  • Section 49 – Partnerships
  • Section 50 – Trusts
  • Section 51 – Persons acting in a representative capacity etc.
▸ PART 6 Application of Act to leases and licences
  • ▸ Leases
    • Section 52 – Application of this Act to leases
  • ▸ Licences
    • Section 53 – Application of this Act to licences
▸ PART 7 General and interpretation
  • ▸ The Tax Authority
    • Section 54 – The Tax Authority
    • Section 55 – Delegation of functions to Keeper
    • Section 56 – Review and appeal
  • ▸ Linked transactions
    • Section 57 – Linked transactions
  • ▸ Connected persons
    • Section 58 – Connected persons
  • ▸ Interpretation
    • Section 59 – Meaning of “residential property”
    • Section 60 – Meaning of “major interest” in land
    • Section 61 – Meaning of “subject-matter” and “main subject-matter”
    • Section 62 – Meaning of “market value”
    • Section 63 – Meaning of “effective date” of a transaction
    • Section 64 – Meaning of “completion”
    • Section 65 – General interpretation
    • Section 66 – Index of defined expressions
▸ PART 8 Final provisions
  • ▸ Ancillary provision
    • Section 67 – Ancillary provision
  • ▸ Subordinate legislation
    • Section 68 – Subordinate legislation
  • ▸ Crown application
    • Section 69 – Crown application
  • ▸ Commencement and short title
    • Section 70 – Commencement
    • Section 71 – Short title
▸ SCHEDULE 1 Exempt transactions
  • ▸ No chargeable consideration
    • 1. A land transaction is an exempt transaction if there is...
  • ▸ Acquisitions by the Crown
    • 2. A land transaction under which the buyer is any of...
  • ▸ Residential leases and licences
    • 3.(1) The grant, assignation or renunciation of—
  • ▸ Transactions in connection with divorce etc.
    • 4. A transaction between one party to a marriage and the...
  • ▸ Transactions in connection with dissolution of civil partnership etc.
    • 5. A transaction between one party to a civil partnership and...
  • ▸ Assents and appropriations by personal representatives
    • 6.(1) The acquisition of property by a person in or...
  • ▸ Variation of testamentary dispositions etc.
    • 7.(1) A transaction following a person's death that varies a...
  • ▸ Power to add, vary or remove exemptions
    • 8. The Scottish Ministers may, by regulations, modify this schedule so...
▸ SCHEDULE 2 Chargeable consideration
  • ▸ Money or money's worth
    • 1. The chargeable consideration for a transaction is, except as otherwise...
  • ▸ Value added tax
    • 2. The chargeable consideration for a transaction includes any value added...
  • ▸ Postponed consideration
    • 3. The amount or value of the chargeable consideration for a...
  • ▸ Just and reasonable apportionment
    • 4.(1) For the purposes of this Act consideration attributable—
  • ▸ Exchanges
    • 5.(1) This paragraph applies to determine the chargeable consideration where...
  • ▸ Partition etc.: disregard of existing interest
    • 6. In the case of a land transaction giving effect to...
  • ▸ Valuation of non-monetary consideration
    • 7. Except as otherwise expressly provided, the value of any chargeable...
  • ▸ Debt as consideration
    • 8.(1) Where the chargeable consideration for a land transaction consists...
  • ▸ Cases where conditions for exemption not fully met
    • 9.(1) Where a land transaction would be an exempt transaction...
  • ▸ Conversion of amounts in foreign currency
    • 10.(1) References in this Act to the amount or value...
  • ▸ Carrying out of works
    • 11.(1) Where the whole or part of the consideration for...
  • ▸ Provision of services
    • 12.(1) Where the whole or part of the consideration for...
  • ▸ Land transaction entered into by reason of employment
    • 13. Where a land transaction is entered into by reason of...
  • ▸ Indemnity given by buyer
    • 14.Where the buyer agrees to indemnify the seller in respect...
  • ▸ Buyer bearing inheritance tax liability
    • 15. Where— (a) there is a land transaction that is—
  • ▸ Buyer bearing capital gains tax liability
    • 16.(1) Where— (a) there is a land transaction under which...
  • ▸ Arrangements involving public or educational bodies
    • 17.(1) This paragraph applies in any case where arrangements are...
▸ SCHEDULE 2A ADDITIONAL AMOUNT: TRANSACTIONS RELATING TO SECOND HOMES ETC.
  • ▸ PART 1 OVERVIEW
    • Overview
  • ▸ PART 2 TRANSACTIONS TO WHICH THIS SCHEDULE APPLIES
    • Transactions relating to second homes etc.
    • Transactions where buyer is a non-individual etc.
  • ▸ PART 3 THE ADDITIONAL AMOUNT
    • Additional amount
  • ▸ PART 4 CERTAIN TYPES OF BUYER
    • Joint buyers
    • Spouses, civil partners, cohabitants and children
    • Trustees in certain trusts
  • ▸ PART 5 REPAYMENT OF AND RELIEF FROM THE ADDITIONAL AMOUNT
    • Repayment of additional amount in certain cases
    • Repayment of additional amount: spouses, civil partners and cohabitants replacing main residence
    • Repayment of additional amount: period for disposing of ownership of dwelling
    • Relief for purchases of 6 or more dwellings
    • Relief for spouses, civil partners and cohabitants replacing main residence
    • Relief for beneficiaries
    • Relief for separated spouses and civil partners retaining interest in former main residence
    • Relief: supplemental
  • ▸ PART 6 OWNERSHIP OF DWELLINGS
    • What counts as a dwelling owned by a person?
    • Deemed ownership: cases where title is not yet registered etc.
    • Deemed ownership: beneficiaries under certain trusts
    • Dwellings owned by trustees or personal representatives
    • Deemed ownership: long leases
    • Deemed ownership: proper liferents
    • Deemed ownership: joint owners and owners of shares
    • Dwellings outside Scotland: what counts as “ownership”
  • ▸ PART 7 GENERAL PROVISION
    • Power of Scottish Ministers to modify schedule
    • Interpretation
▸ SCHEDULE 3 Sale and leaseback relief
  • ▸ The relief
    • 1. The leaseback element of a sale and leaseback arrangement is...
  • ▸ Sale and leaseback arrangements
    • 2. A sale and leaseback arrangement is an arrangement under which—...
  • ▸ Qualifying conditions
    • 3. The qualifying conditions are— (a) that the sale transaction is...
  • ▸ Interpretation
    • 4. In this schedule, “debt” has the same meaning as in...
▸ SCHEDULE 4 Relief for certain acquisitions of residential property
  • ▸ PART 1 Introductory
    • Overview of reliefs
  • ▸ PART 2 Acquisition by house-building company from individual acquiring new dwelling
    • Full relief
    • Partial relief
    • Qualifying conditions
  • ▸ PART 3 Acquisition by property trader from individual acquiring new dwelling
    • Full relief
    • Partial relief
    • Qualifying conditions
  • ▸ PART 4 Acquisition by property trader from individual where chain of transactions breaks down
    • Full relief
    • Partial relief
    • Qualifying conditions
  • ▸ PART 5 Withdrawal of relief
    • Introductory
    • Relief under Part 3
    • Relief under Part 4
  • ▸ PART 6 Interpretation
    • Meaning of “dwelling” and “new dwelling”
    • Meaning of “permitted area”
    • Meaning of “acquisition” and “market value” in relation to dwelling and permitted area
    • Meaning of “house-building company”
    • Meaning of “property trader” and “principal”
    • Additional amount: transactions relating to second homes etc.
    • Meaning of “refurbishment” and “the permitted amount”
▸ SCHEDULE 4A First-time buyer relief
  • 1. Eligibility for relief
  • 2. Meaning of first-time buyer
  • 3. Relief from the tax
  • 4. Eligibility for relief: alternative finance arrangements
  • 5. Deemed ownership: beneficiaries under certain trusts
  • 6. Dwellings owned by trustees or personal representatives
  • 7. Interpretation
▸ SCHEDULE 5 Multiple dwellings relief
  • ▸ PART 1 Introductory
    • Overview of relief
  • ▸ PART 2 Transactions to which this schedule applies
    • The rule
    • Single transaction relating to multiple dwellings
    • Linked transactions relating to multiple dwellings
    • Excluded transactions
  • ▸ PART 3 Key terms
    • Consideration attributable to dwellings and remaining property
    • Dwellings
    • Interest in a dwelling
  • ▸ PART 4 The relief
    • Calculation of relief
    • Tax due in relation to a dwelling
    • Tax due in relation to remaining property
    • General
  • ▸ PART 5 Withdrawal of relief
    • Full withdrawal of relief
    • Partial withdrawal of relief
    • Relevant period
    • Interpretation
  • ▸ PART 6 What counts as a dwelling
    • 24. This Part of this schedule sets out rules for determining...
    • 25. A building or part of a building counts as a...
    • 26. Land that is, or is to be, occupied or enjoyed...
    • 27. Land that subsists, or is to subsist, for the benefit...
    • 28. The main subject-matter of a transaction is also taken to...
    • 29. In paragraph 28, “relevant deeming provision” means section 10 or...
    • 30. Subsections (3) to (6) of section 59 apply for the...
▸ SCHEDULE 6 Relief for certain acquisitions by registered social landlords
  • ▸ The relief
    • 1. A land transaction under which the buyer is a registered...
  • ▸ The qualifying conditions
    • 2. The qualifying conditions are— (a) that the registered social landlord...
  • ▸ Landlord controlled by tenants
    • 3. The reference in paragraph 2(a) to a registered social landlord...
    • 4. For the purposes of paragraph 3, “board member” is to...
▸ SCHEDULE 6A RELIEF FOR CERTAIN ACQUISITIONS BY LOCAL AUTHORITIES
  • ▸ The relief
    • 1. A land transaction under which the buyer is a local...
  • ▸ The qualifying conditions
    • 2. The qualifying conditions are— (a) that the transaction is entered...
▸ SCHEDULE 7 Alternative property finance relief
  • ▸ PART 1 Introductory
    • Overview
  • ▸ PART 2 Alternative property finance: arrangements relieved
    • Land sold to financial institution and leased to person
    • Land sold to financial institution and person in common
    • Land sold to financial institution and re-sold to person
  • ▸ PART 3 Alternative property finance: arrangements not relieved
    • No relief where first transaction already relieved
    • No relief where arrangements to transfer control of financial institution
  • ▸ PART 4 Exempt interest
    • Interest held by financial institution an exempt interest
  • ▸ PART 5 Interpretation
    • Interpretation
▸ SCHEDULE 8 Relief for alternative finance investment bonds
  • ▸ PART 1 Overview and interpretation
    • Overview of relief
    • Meaning of “alternative finance investment bond”
    • Interpretation
  • ▸ PART 2 Issue, transfer and redemption of rights under bond not to be treated as chargeable transaction
    • The relief
    • Relief not available where bond-holder acquires control of underlying asset
  • ▸ PART 3 General conditions for operation of reliefs etc.
    • Introduction
    • Condition A
    • Condition B
    • Condition C
    • Condition D
    • Condition E
    • Condition F
    • Condition G
  • ▸ PART 4 Relief for certain transactions
    • The relief: first transaction
    • Withdrawal of relief
    • Amount of tax chargeable where relief withdrawn
    • Relief from land and buildings transaction tax: second transaction
    • Discharge of security when conditions for relief met
  • ▸ PART 5 Supplementary
    • Substitution of asset
    • Tax Authority to register discharge of security
    • Relief not available where bond-holder acquires control of underlying asset
    • Relief not available if purpose of arrangements is improper
▸ SCHEDULE 9 Crofting community right to buy relief
  • ▸ The relief
    • 1. The relief
  • ▸ Interpretation
    • 4. In this schedule “crofting community right to buy” means the...
▸ SCHEDULE 10 Group relief
  • ▸ PART 1 Introductory
    • Overview
  • ▸ PART 2 The relief
    • The relief
    • Restrictions on availability of relief
    • Arrangements that do not restrict availability of relief
    • Interpretation
  • ▸ PART 3 Withdrawal of relief
    • Overview
    • Withdrawal of relief
    • Amount of tax chargeable where relief withdrawn
    • Amount of tax chargeable where relief partially withdrawn
    • Case where relief not withdrawn: winding up
    • Cases where relief not withdrawn: stamp duty reliefs
    • Case where relief not withdrawn: seller leaves group
    • Withdrawal of relief in certain cases involving successive transactions
    • Interpretation
  • ▸ PART 3A Recovery of relief
    • 42A. Recovery of relief...
    • 42B.The following persons may, by notice under paragraph 42E, be...
    • 42C. For the purposes of paragraph 42B(b)— (a) a “ relevant...
    • 42D. In paragraph 42B(c)— “ director ”, in relation to a...
    • 42E. Recovery of relief: supplementary
    • 42F. Any such notice must be given before the end of...
    • 42G. The notice must state the amount required to be paid...
    • 42H. The notice has effect— (a) for the purposes of the...
    • 42I. A person who has paid an amount in pursuance of...
    • 42J. A payment in pursuance of a notice under paragraph 42E...
    • 42K. In paragraph 42H, “ Revenue Scotland assessment ” has the...
  • ▸ PART 4 Interpretation
    • When are companies members of the same group?
    • When is a company a subsidiary of another company?
    • Other definitions
▸ SCHEDULE 10A Sub-sale development relief
  • ▸ PART 1 Introductory
    • Overview of relief
  • ▸ PART 2 The relief
    • General
    • Qualifying sub-sale
    • Qualifying conditions
    • Subject-matter
    • Significant development
    • Full relief
    • Partial relief
    • Claiming the relief
  • ▸ PART 3 Withdrawal of relief
    • Full withdrawal of relief
    • Partial withdrawal of relief
  • ▸ PART 4 Supplementary
    • Disapplication of section 14
    • Qualifying sub-sale: consideration
▸ SCHEDULE 11 Reconstruction relief and acquisition relief
  • ▸ PART 1 Introductory
    • Overview
  • ▸ PART 2 Reconstruction relief
    • The relief
    • Qualifying conditions
  • ▸ PART 3 Acquisition relief
    • The relief
    • Qualifying conditions
    • Interpretation
  • ▸ PART 4 Withdrawal of relief
    • Overview
    • Withdrawal of relief
    • Case where relief not withdrawn: change of control of acquiring company as result of transaction connected to divorce etc.
    • Case where relief not withdrawn: exempt intra-group transfer
    • Case where relief not withdrawn: share acquisition relief
    • Case where relief not withdrawn: controlling loan creditor
    • Withdrawal of relief on subsequent non-exempt transfer
    • Withdrawal of relief where share acquisition relief applied but control of company subsequently changes
    • Amount of tax chargeable where relief withdrawn
    • Amount of tax chargeable where relief partially withdrawn
    • Interpretation
  • ▸ PART 4A Recovery of relief
    • 35A. Recovery of relief
    • 35B. The following persons may, by notice under paragraph 35E, be...
    • 35C. For the purposes of paragraph 35B— (a) “ relevant time...
    • 35D. In paragraph 35B(b)— “ director ”, in relation to a...
    • 35E. Recovery of relief: supplementary
    • 35F. Any such notice must be given before the end of...
    • 35G. The notice must state the amount required to be paid...
    • 35H. The notice has effect— (a) for the purposes of the...
    • 35I. A person who has paid an amount in pursuance of...
    • 35J. A payment in pursuance of a notice under paragraph 35E...
    • 35K. In paragraph 35H, “ Revenue Scotland assessment ” has the...
  • ▸ PART 5 Interpretation
    • When are companies members of the same group?
    • When is a company a subsidiary of another company?
    • Other definitions
▸ SCHEDULE 12 Relief for incorporation of limited liability partnership
  • ▸ The relief
    • 1. A land transaction by which a chargeable interest is transferred...
  • ▸ The qualifying conditions
    • 2. A land transaction by which a chargeable interest is transferred...
  • ▸ Interpretation
    • 3. In this schedule— “limited liability partnership” means a limited liability...
▸ SCHEDULE 13 Charities relief
  • ▸ The relief
    • 1. A land transaction is exempt from charge if the buyer...
  • ▸ Qualifying conditions
    • 2. The qualifying conditions are— (a) that the buyer intends to...
  • ▸ Qualifying charitable purposes
    • 3. A buyer holds the subject-matter of a transaction for qualifying...
  • ▸ Withdrawal of relief
    • 4. Relief under this schedule is withdrawn, or partially withdrawn, if—...
    • 5. A “disqualifying event” means— (a) the buyer ceasing to be...
    • 6. Where the relevant transaction is exempt from charge by virtue...
    • 7. A lease— (a) is granted “at a premium” if there...
    • 8. Where relief is withdrawn, the amount of tax chargeable is...
    • 9. Where relief is partially withdrawn, the amount of tax chargeable...
    • 10. An “appropriate proportion” means an appropriate proportion having regard to—...
    • 11. In relation to a transfer or grant that is, by...
  • ▸ Charitable trusts
    • 12. This schedule applies in relation to a charitable trust as...
    • 13. “Charitable trust” means— (a) a trust of which all the...
    • 14. In this schedule as it applies in relation to a...
  • ▸ Interpretation
    • 15.(1) In this schedule, “charity” means— (a) a body registered...
    • 16. In this schedule, "charitable purposes" has the meaning given by...
    • 17. In this schedule, “annual rent” means the average annual rent...
▸ SCHEDULE 13A (introduced by section 27)
  • ▸ FRIENDLY SOCIETIES RELIEF
    • 1. The relief
    • 2. Interpretation
▸ SCHEDULE 13B (introduced by section 27)
  • ▸ BUILDING SOCIETIES RELIEF
    • 1.The relief
    • 2. Interpretation
▸ SCHEDULE 14 Relief for certain compulsory purchases
  • ▸ The relief
    • 1. An acquisition of a chargeable interest by a local authority...
  • ▸ Qualifying condition
    • 2. The qualifying condition is that the local authority has made...
  • ▸ Interpretation
    • 3. For the purposes of this schedule it does not matter...
▸ SCHEDULE 15 Relief for compliance with planning obligations
  • ▸ The relief
    • 1. A land transaction that is entered into in order to...
  • ▸ The qualifying conditions
    • 2. The qualifying conditions are— (a) that the planning obligation or...
  • ▸ “Planning obligation” and “modification”
    • 3. “Planning obligation” means an agreement made under section 75 of...
    • 4. “Modification” of a planning obligation means modification as mentioned in...
  • ▸ Public authorities
    • 5. The following are public bodies for the purposes of paragraph...
▸ SCHEDULE 16 Public bodies relief
  • ▸ The relief
    • 1. A land transaction entered into on, in consequence of or...
    • 2. The Scottish Ministers may, by order, provide that a land...
  • ▸ Meaning of “reorganisation”
    • 3. A “reorganisation” means changes involving— (a) the establishment, reform or...
  • ▸ Public bodies
    • 4. The following are public bodies for the purposes of this...
    • 5. In this schedule, references to a public body include—
    • 6. In paragraphs 4 and 5, “company” means a company as...
▸ SCHEDULE 16A VISITING FORCES AND INTERNATIONAL MILITARY HEADQUARTERS RELIEFS
  • ▸ The relief
    • 1. A land transaction entered into with a view to any...
    • 2. Paragraph 1 has effect in relation to any designated international...
    • 3. In this schedule— “designated” means designated by or under any...
▸ SCHEDULE 16B RELIEF FOR PROPERTY ACCEPTED IN SATISFACTION OF TAX
  • ▸ The relief
    • 1. A land transaction entered into under section 9(4) of the...
▸ SCHEDULE 16C LIGHTHOUSES RELIEF
  • ▸ The relief
    • 1. A land transaction entered into by or under the direction...
    • 2. A land transaction entered into by or under the direction...
▸ Schedule 16D (introduced by section 27) Green Freeports Relief
  • ▸ PART 1 Introductory
    • 1. Overview
  • ▸ PART 2 The relief
    • 2. Full relief
    • 3. Partial relief
    • 4. Attributing chargeable consideration to land
  • ▸ PART 3 Key terms
    • 5. Transaction land
    • 6. Qualifying green freeport land
    • 7. Use of land in a qualifying manner
  • ▸ PART 4 Withdrawal of relief
    • 8. Withdrawal of relief
    • 9. The control period
    • 10. Disposal of interest in part of qualifying green freeport land during control period
  • ▸ PART 5 Alternative finance arrangements
    • 11. Cases involving alternative finance arrangements
▸ SCHEDULE 17 Partnerships
  • ▸ PART 1 Overview
    • Overview
  • ▸ PART 2 General provisions
    • Meaning of “partnership”
    • Chargeable interests treated as being held by partners etc.
    • Acquisition of interest in partnership not chargeable except as specially provided
    • Continuity of partnership
    • Partnership not to be regarded as unit trust scheme etc.
  • ▸ PART 3 Ordinary partnership transactions
    • Introduction
    • Responsibility of partners
    • Representative partners
    • Joint and several liability of responsible partners
  • ▸ PART 4 Transactions involving transfer to a partnership
    • Overview of Part
    • Circumstances in which this Part applies
    • Calculation of chargeable consideration etc.
    • Sum of the lower proportions
    • Relevant owner
    • Corresponding partner
    • Transfer of partnership interest pursuant to earlier arrangements
    • Withdrawal of money etc. from partnership after transfer of chargeable interest
  • ▸ PART 5 Transactions involving transfer from a partnership
    • Overview of Part
    • Circumstances in which Part applies
    • Calculation of chargeable consideration
    • Sum of the lower proportions
    • Relevant owner
    • Corresponding partner
    • Partnership share attributable to partner
    • Transfer of chargeable interest from a partnership to a partnership
    • Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
  • ▸ PART 6 Application of Parts 3 to 5 to leases
    • Application of Parts 3 to 5 to leases
  • ▸ PART 7 Property investment partnerships
    • Overview of Part
    • Meaning of “property investment partnership”
    • Transfer of interest in partnership treated as land transaction
    • Exclusion of market rent leases
    • Partnership interests: application of provisions about exchanges etc.
    • Election by property-investment partnership to disapply Part 4
  • ▸ PART 8 Application of provisions on exemptions, reliefs and notification
    • Overview of Part
    • Application of exemptions and reliefs: general
    • Application of group relief
    • Application of charities relief
    • Notification of transfers of partnership interests
  • ▸ PART 9 Interpretation
    • Introduction
    • Partnership property
    • Partnership share
    • Transfer of chargeable interest
    • Transfer of chargeable interest to a partnership
    • Transfer of chargeable interest from a partnership
    • Transfer of interest in a partnership
    • Connected persons
    • Arrangements
▸ SCHEDULE 18 Trusts
  • ▸ PART 1 Overview
    • Overview
  • ▸ PART 2 Treatment of trusts and beneficiaries generally
    • Interests of beneficiaries under certain trusts
  • ▸ PART 3 Transactions involving bare trusts
    • Acquisition of chargeable interest by bare trustee
    • Grant of lease to bare trustee
    • Grant of lease by bare trustee
  • ▸ PART 4 Transactions involving settlements
    • Acquisition by trustees of settlements
    • Consideration for exercise of power of appointment or discretion
    • Reallocation of trust property as between beneficiaries
  • ▸ PART 5 Settlements: payment of tax and returns
    • Liability to pay the tax
    • Liability to make returns
    • Duty to make declaration
    • Responsible trustees
  • ▸ PART 6 Interpretation
    • Meaning of “bare trust”
    • Meaning of “absolutely entitled”
    • Meaning of “settlement”
▸ SCHEDULE 19 Leases
  • ▸ PART 1 Introductory
    • Overview
    • Calculation of tax chargeable where chargeable consideration includes rent
  • ▸ PART 2 Amount of tax chargeable: rent
    • Tax rates and tax bands
    • Amount of tax chargeable in respect of rent
    • Amount of tax chargeable in respect of rent: linked transactions
    • Net present value
    • Temporal discount rate
  • ▸ PART 3 Amount of tax chargeable: consideration other than rent
    • Amount of tax chargeable in respect of consideration other than rent: general
    • Amount of tax chargeable in respect of consideration other than rent: nil rate tax band
  • ▸ PART 4 Review of tax chargeable
    • Regular review of tax chargeable
    • Review of tax chargeable on certain events
  • ▸ PART 5 Chargeable consideration: rent and consideration other than rent
    • Rent
    • Variable or uncertain rent
    • Reverse premium
    • Tenant's obligations etc. that do not count as chargeable consideration
    • Assignation of lease: assumption of obligations by assignee
    • Loan or deposit in connection with grant or assignation of lease
    • Renunciation of existing lease in return for new lease
  • ▸ PART 6 Other provision about leases
    • Meaning of lease for a fixed term
    • Leases that continue after a fixed term
    • Leases that continue after a fixed term: grant of new lease
    • Treatment of successive linked leases
    • Rent for overlap period in case of grant of further lease
    • Agreement for lease substantially performed etc.
    • Missives of let followed by execution of formal lease
    • Cases where assignation of lease treated as grant of lease
    • Assignation of lease: responsibility of assignee for returns etc.
    • Reduction of rent or term or other variation of lease
    • Increase of rent or term: notification
    • Treatment of leases for indefinite term
SCHEDULE 20 Index of defined expressions
SCHEDULE 7 Alternative property finance relief / PART 2 Alternative property finance: arrangements relieved / Land sold to financial institution and re-sold to person

Land sold to financial institution and re-sold to person

Contents

  • 13. Paragraphs 14 and 15 apply where arrangements are entered into... Section commentary
  • 14. The first transaction is exempt from charge if the seller... Section commentary
  • 15. The second transaction is exempt from charge if the financial.. Section commentary

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