[157A Land in Scotland sold to financial institution and leased to person]
Finance Act 2013 (2013 c 29) | Legislation

[157A  Land in Scotland sold to financial institution and leased to person]

[(1)     This section applies where Conditions A and B are met.

(2)     Condition A is that arrangements are entered into between a person (“the lessee”) and a financial institution under which the institution—

(a)     purchases a major interest in land (“the first transaction”),

(b)     grants to the lessee out of that interest a lease (if the interest acquired is the interest of the owner) or a sub-lease (if the interest acquired is the tenant's right over or interest in a property subject to a lease) (“the second transaction”), and

(c)     enters into an agreement under which the lessee has a right to require the institution to transfer the major interest purchased by the institution under the first transaction.

(3)     Condition

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

VAT definition

LEXISNEXIS

Strict liability

Strict liabilityStrict liabilityWhen an offence does not require proof of a mental element it is an offence of strict liability. There are some common law offences of strict liability (eg public nuisance, outraging public decency and contempt) most though are statutory, arising often under

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can