{
  "url": "https://openlegislation.uk/land-and-buildings-transaction-tax-scotland-act-2013/schedule-7/paragraph-5",
  "json_url": "https://openlegislation.uk/land-and-buildings-transaction-tax-scotland-act-2013/schedule-7/paragraph-5.json",
  "legislation": "asp/2013/11",
  "legislation_title": "Land and Buildings Transaction Tax (Scotland) Act 2013",
  "legislation_url": "https://openlegislation.uk/land-and-buildings-transaction-tax-scotland-act-2013",
  "path": "schedule/7/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "A transfer to the person that results from the exercise of the right mentioned in paragraph 2(c) (“the third transaction”) is exempt from charge if—\n(a) the provisions of this Act relating to the first and second transactions are complied with, and\n(b) at all times between the second and third transactions—\n(i) the interest purchased under the first transaction is held by a financial institution, and\n(ii) the lease or sub-lease granted under the second transaction is held by the person.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 7 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/asp/2013/11/schedule/7/paragraph/5",
    "retrieved_at": "2026-10-29T20:14:25.082177+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}