# Land and Buildings Transaction Tax (Scotland) Act 2013, Paragraph 7


Paragraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—
(a) the institution and the person purchase a major interest in land as common owners (“the first transaction”),
(b) the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and
(c) the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.

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Source: https://www.legislation.gov.uk/asp/2013/11/schedule/7/paragraph/7 (the official version)
Page: https://openlegislation.uk/land-and-buildings-transaction-tax-scotland-act-2013/schedule-7/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.