136 ATED: alternative property finance—land in Scotland
Finance Act 2016 (2016 c 24) | Legislation

136  ATED: alternative property finance—land in Scotland

(1)     Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows.

(2)     Section 157 (land sold to financial institution and leased to person) is amended in accordance with subsections (3) to (6).

(3)     In subsection (1)—

(a)     in paragraph (a), omit “or section 72 of that Act (land in Scotland sold to financial institution and leased to person)”;

(b)     in paragraph (b), after “transaction” insert “is in England, Wales or Northern Ireland and”.

(4)     In subsection (7)—

(a)     in the definition of “the first transaction” omit “or (as the case requires) 72”;

(b)     in the definition of “the second transaction” omit “or (as the case requires) 72”.

(5)     Omit subsection (10).

(6)     The heading of that section becomes “Land in England, Wales or Northern Ireland sold to financial institution and leased to person”.

(7)     After section 157 insert—

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

(1)     This section

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