Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Stamp Duty Land Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Reliefs: Alternative property finance

Land sold to a financial institution and individual in common: Scotland: Furthertransactions FA03/S72A(4) and FA03/S72A(5)

Where

  • the individual exercises the right, in the agreement, to require the financial institution to transfer the interest in the property (further transactions), and
  • the property is transferred to that individual

relief from stamp duty land tax may be claimed by the individual if all therequirements relating to both the first and second transactions are complied with and atall times between the second and third transactions

  • the chargeable interest purchased under the first transaction is held by a financial institution and the individual as owners in common
  • the land is occupied by the individual who agreed the exclusive right occupation with the financial institution

The relief is not due

  • if the financial institution transfers the property to a third party not involved in the original arrangements
  • if during the time the arrangements were in place the property was not held by a financial institution and individual as owners in common

Additionally, relief is not available if that individual enters into the arrangements,or holds the lease or sublease, as partner and any of the other partners is not anindividual