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A Consultation on Land and Buildings Transaction Tax - Property Investment Funds

A Consultation on Land and Buildings Transaction Tax - Property Investment Funds

Thursday, May 3, 2018

ISBN: 9781788518680

A consultation to seek opinions and commentary on the potential introduction of reliefs from LBTT to bring parity with Stamp Duty Land Tax (SDLT) for certain authorised property investment funds. Specifically a relief for the ‘seeding’ (initial transfer) and treatment of properties into an Open Ended Investment Company (OEIC) or Co-Ownership Authorised Contractual Scheme (CoACS) and a relief for when units in CoACS are traded.

Executive Summary

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Stakeholders in the property and investment management sector have approached the Scottish Government to call for these reliefs. They relate to investment in property assets and their introduction would bring parity with the position for SDLT.

 

If no changes are made to LBTT legislation in relation to this area industry representatives suggest that it may lead investment and pension funds to divest of Scottish properties. The Scottish Government wishes to gain a better understanding of the future impacts should these reliefs be introduced, or alternatively not introduced. This includes the linkages between these types of financial investment and impacts on economic growth, particularly in the commercial property sector.