# Scotland Act 2012, Paragraph 31

Extent: E+W+S+N.I.

(1) Schedule 61 to the Finance Act 2009 (alternative finance investment bonds) is amended as follows.
(2) Paragraph 1 (interpretation) is amended as follows.
(3) In sub-paragraph (1)—
(a) before the definition of “HMRC” insert—
““effective date”, for a transaction relating to land in Scotland, is the date which would be the effective date (under section 119 of FA 2003) if Part 4 of FA 2003 applied to land in Scotland;”;
(b) omit the definition of “qualifying interest”.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) Paragraph 5 (conditions for operation of relief) is amended as follows.
(6) In sub-paragraph (6) (Condition D)—
(a) after “Condition D” insert “ (which applies in the case of land in England and Wales or Northern Ireland) ”;
(b) omit paragraph (b).
(7) In sub-paragraph (7) (charge or security for purposes of Condition D)—
(a) omit “or security”;
(b) in paragraph (a) omit “, or a security ranking first granted over,”.
(8) In paragraph 6(1)(a) (relief from stamp duty land tax) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.
(9) In paragraph 7 (withdrawal of relief in certain circumstances)—
(a) in sub-paragraph (1) after “This paragraph applies if” insert “ paragraph 6 applies but ”;
(b) in sub-paragraph (2) after “This paragraph also applies if” insert “ paragraph 6 applies but ”.
(10) In paragraph 9 (discharge of charge when conditions for relief met) omit “or security”.
(11) In paragraph 11(2) (disapplication of CGT relief if charge not given) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.
(12) In paragraph 12(1)(b) (CGT relief on second transaction) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”.
(13) In paragraph 18(5) and (6) (discharge of charge if original land replaced)—
(a) for “the United Kingdom” substitute “ England and Wales or Northern Ireland ”;
(b) omit “or security”.
(14) In paragraph 19(1) (HMRC to notify Registrar of discharge)—
(a) omit “or security”;
(b) omit paragraph (b).

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Source: https://www.legislation.gov.uk/ukpga/2012/11/schedule/3/paragraph/31 (the official version)
Page: https://openlegislation.uk/scotland-act-2012/schedule-3/paragraph-31
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.