The Land and Buildings Transaction Tax (First-Time Buyer Relief) (Scotland) Order 2018

Made: 28th June 2018

Coming into force: 30th June 2018

In accordance with section 68(2)(c) of that Act, a draft of this instrument has been laid before, and approved by resolution of, the Scottish Parliament.

PART 1 — General

Citation, commencement and interpretation

1

• (1) This Order may be cited as the Land and Buildings Transaction Tax (First-Time Buyer Relief) (Scotland) Order 2018 and comes into force on 30th June 2018.

• (2) In this Order “the Act” means the Land and Buildings Transaction Tax (Scotland) Act 2013.

PART 2 — First-time buyer relief

Amendment of section 25 of the Act

2

In section 25(3) of the Act (amount of tax chargeable), after paragraph (za)[^f00002] insert—

(zb) schedule 4A (first-time buyer relief),

Amendment of section 27(1) of the Act

3

In section 27(1) of the Act (reliefs), after “schedule 4 (relief for certain acquisitions of residential property),” insert—

schedule 4A (first-time buyer relief),

Amendment of section 65 of and schedule 20 of the Act

4

• (1) In section 65 of the Act (general interpretation), after the definition of “employee” insert—

• “first-time buyer relief” means relief under schedule 4A,

• (2) In schedule 20 of the Act (index of defined expressions), after the entry for “exempt transaction” insert—

Insertion of schedule 4A (first-time buyer relief) into the Act

5

After schedule 4 of the Act, insert schedule 4A contained in the schedule of this Order.

Transitional provision

6

The amendments made by articles 2 to 5 apply only in relation to a chargeable transaction in respect of which—

• (a) the contract is entered into on or after 9th February 2018; and

• (b) the effective date is on or after 30th June 2018.

SCHEDULE

Signed

DEREK MACKAY — A member of the Scottish Government — 28th June 2018

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

This Order amends the Land and Buildings Transaction Tax (Scotland) Act 2013 to insert a new schedule 4A which provides for a targeted relief. The targeted relief is to provide a degree of relief from land and buildings transaction tax for first-time buyers.

Footnotes

[^f00001]: 2013 asp 11.

[^f00002]: Paragraph (za) was inserted by section 2(1)(a) of the Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 (asp 11).

[^f00003]: 1984 c.58.

[^f00004]: 1988 c.43.

[^f00005]: 2016 asp 19.