The Land and Buildings Transaction Tax (Transitional Provisions) (Scotland) Order 2014
| Jurisdiction | Scotland |
| Citation | SSI 2014/377 |
| Year | 2014 |
2014No. 377
LAND AND BUILDINGS TRANSACTION TAX
The Land and Buildings Transaction Tax (Transitional Provisions) (Scotland) Order 2014
17thDecember2014
19thDecember2014
1stApril2015
The Scottish Ministers make the following Order in exercise of the powers conferred by section 67(1) of the Land and Buildings Transaction Tax (Scotland) Act 2013( 1) and all other powers enabling them to do so.
Citation, and commencement
1. This Order may be cited as the Land and Buildings Transaction Tax (Transitional Provisions) (Scotland) Order 2014 and comes into force on 1st April 2015.
Interpretation
2. (1) In this Order-
"the Act" means the Land and Buildings Transaction Tax (Scotland) Act 2013;
"the 2003 Act" means the Finance Act 2003( 2), as amended up to the commencement date;
"the commencement date" means such day as is appointed by order by the Treasury under section 29(4) of the Scotland Act 2012( 3);
"HMRC" means Her Majesty's Revenue and Customs (within the meaning of section 4 of the Commissioners for Revenue and Customs Act 2005( 4)); and
"a section 29(6) event" means one of the events listed in paragraphs (a) to (c) of section 29(6) of the Scotland Act 2012.
(2) In this Order any reference to a transaction, a land transaction, a land transfer or an arrangement are in respect of land situated in Scotland.
Contracts entered into before 1st May 2012
3. (1) This article applies to contracts entered into before 1st May 2012 for a land transaction under which the transaction is to be completed by a conveyance and there is an effective date in relation to the transaction after the commencement date.
(2) Where this article applies and the transaction is excluded by a section 29(6) event, sections 9 and 10 of the Act apply subject to paragraph (3).
(3) This paragraph applies where there has been substantial performance of the contract under section 44(4) of the 2003 Act and tax in respect of the substantial performance has been paid to HMRC under the 2003 Act.
(4) Where paragraph (3) applies, section 10(3)(b) of the Act shall apply except that the tax is chargeable on the latter transaction to the extent (if any) that the amount of tax chargeable on it is greater than the amount of tax chargeable on the contract under the 2003 Act and paid to HMRC (as referred to in paragraph (3)).
Contracts entered into after 1st May 2012 but before the commencement date
4. (1) This article applies to contracts entered into after 1st May 2012 but before the commencement date for a land transaction under which the transaction is to be completed by a conveyance and there is an effective date in relation to the transaction after the commencement date.
(2) Where this article applies and there is substantial performance of the contract under section 44(4) of the 2003 Act prior to the commencement date, sections 9 and 10 of the Act apply subject to paragraph (3).
(3) Where paragraph (2) applies and tax in respect of the substantial performance has been paid to HMRC under the 2003 Act, paragraph (4) applies.
(4) Where this paragraph applies, section 10(3)(b) of the Act shall apply except the tax is chargeable on the latter transaction to the extent (if any) that the amount of tax chargeable on it is greater than the amount of tax chargeable on the contract under the 2003 Act and paid to HMRC (as referred to in paragraph (3)).
Alternative property finance relief
5. (1) This article applies to arrangements entered into prior to the commencement date under sections 72(1) or 72A(1) of the 2003 Act.
(2) Where this article applies and the first and second transactions under sections 72 or 72A of the 2003 Act are completed prior to the commencement date, neither the third transaction under section 72 of that Act nor a further transaction under section 72A shall be chargeable transactions under the Act if their effective date is after the commencement date, provided that the conditions mentioned respectively in sections 72(4) and 72A(4) of the 2003 Act have been met.
Alternative finance investment bonds
6. (1) This article applies where arrangements referred to in paragraph 5(2) of Schedule 61 to the Finance Act 2009( 5) are entered into with the effective date of the first transaction referred to in paragraph 5(2)(a) of that Schedule prior to the commencement date and the effective date of the second transaction referred to in paragraph 5(11)(a) of that Schedule after that date.
(2) Where this article applies, the second transaction referred to in paragraph (1) shall not be a chargeable transaction under the Act, provided that the conditions mentioned in paragraph 8(1)(a) and (b) of...
To continue reading
Request your trial