Paragraph 4 F1
The qualifying conditions are that—
the substantial performance or completion of the first contract takes place at the same time as, and in connection with, the substantial performance or completion of the qualifying sub-sale, and
significant development for commercial purposes of the subject-matter of the qualifying sub-sale will be completed within the relevant period.
For the purposes of sub-paragraph (1)(a), an assignation, sub-sale or other transaction (relating to the whole or part of the subject-matter of the qualifying sub-sale), as a result of which a person other than the second buyer becomes entitled to call for a conveyance to that person, is not to be treated as substantial performance of the qualifying sub-sale.
The “relevant period” is the period of 5 years from the F2effective date of the qualifying sub-sale.
Annotations
Textual amendments
- F1
Sch. 10A inserted (1.4.2015) by The Land and Buildings Transaction Tax (Sub-sale Development Relief and Multiple Dwellings Relief) (Scotland) Order 2015 (S.S.I. 2015/123) , arts. 1(1) , 7 , Sch.
- F2
Words in sch. 10A para. 4(3) substituted (2.6.2025) by The Land and Buildings Transaction Tax (Group Relief and Sub-sale Development Relief Modifications) (Scotland) Order 2025 (S.S.I. 2025/158), arts. 1(2), 3(2)