Land and Buildings Transaction Tax (Scotland) Act 2013 schedule 7 paragraph 17

Exclusion of relief where control of financial institution is acquired

Schedule 7 paragraph 17 removes the availability of alternative property finance relief where the arrangements involve someone acquiring control of the financial institution involved.

• Alternative property finance relief under paragraphs 2 to 12 of Schedule 7 is denied in certain circumstances
• The denial applies where the finance arrangements, or any connected arrangements, include provisions for a person to acquire control of the relevant financial institution
• This is an anti-avoidance measure to prevent the relief being exploited through manipulation of ownership of the financial institution
• The restriction covers both the arrangements themselves and any arrangements connected to them

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