Paragraph 3 I1

(1)

The grant, assignation or renunciation of—

(a)

a lease of residential property (which is not a qualifying lease), or

(b)

a licence to occupy property (which is not a prescribed non-residential licence),

is an exempt transaction.

(2)

For the purposes of sub-paragraph (1)(a), a transaction in respect of a lease of residential property is exempt only if—

(a)

the main subject-matter of the transaction consists entirely of an interest in land that is residential property, or

(b)

where the transaction is one of a number of linked transactions, the main subject-matter of each transaction consists entirely of such an interest.

(3)

In sub-paragraph (1)(a), “qualifying lease” has the same meaning as in the Long Leases (Scotland) Act 2012 (asp 9).

(4)

In sub-paragraph (1)(b), “prescribed non-residential licence” means a licence of a description prescribed by the Scottish Ministers in regulations under section 53(1).

Annotations

Commencement

I1: Sch. 1 para. 3 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2