Glossary of Terms
- Companies House
Is an executive agency, sponsored by the UK Government Department for Business, Energy & Industrial Strategy. Their main responsibilities relate to the incorporation and dissolution of limited companies, registration of the information companies are legally required to supply, and making that information available to the public. In this consultation Companies House is mentioned in the context of the latter two responsibilities.
- Companies Register
Is a publically searchable register held by Companies House. The information it contains currently includes: company overviews and officers; document images; disqualified directors; previous and dissolved names; UK establishments and registered office addresses.
- Deed(s) or title deed(s)
Are the legal documents which show who owns a property or piece of land. A deed may also give details of any access or other rights that come with, or are excluded from, the property or land.
- Land and Buildings Transaction Tax ( LBTT)
Replaced UK Stamp Duty Land Tax in Scotland from 1 April 2015. It is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired. Revenue Scotland administers LBTT with support from Registers of Scotland.
- Land Register of Scotland/Land Register
Began to be rolled out across Scotland in 1981 - it is maintained by Registers of Scotland. Each entry in the Land Register contains a map of the property and other information including details of the registered proprietor. There are currently some 1.6 million property titles on the Land Register, which represents about 60 % of all the potential property titles in Scotland (or approximately 29 % of the Scottish land mass). In May 2014, Scottish Ministers invited the Keeper of the Registers of Scotland to complete the Land Register by 2024, with all publicly owned land to be on the Land Register by 2019.
- Legal person
Is one of the two categories of person who can be a recognised legal owner or registered proprietor of land or property (see 'natural person' below). A 'legal person' is a created legal entity; for example, a company which has been registered as a general partnership in Scotland. Such an entity can hold land or property in its own name. Further information on the legal entities and trusts which can hold land in Scotland is available within this consultation in chapter 2 and at Annex C.
- Life rent
Can be granted to a third party - 'the life renter' - by the proprietor. 'Life rent' is a right to enjoy the use and benefit of the property for the lifetime of the life renter (it is possible to have specified another time period at the point of the creation of the life rent). On termination of the life rent, title will revert to the proprietor who is known as the 'fiar' in this context.
- Natural person
Is the other of the two categories of person who can be a recognised legal owner or registered proprietor of land or property (see 'legal person' above). A natural person is a private individual who owns property in his or her own name. Further information on the legal entities and trusts which can hold land in Scotland is available within this consultation in chapter 2 and at Annex C.
- General Register of Sasines
Is Scotland's original national register of property deeds. The search sheet for each property provides details about recorded deeds, including the grantee, but does not contain a map of the plot as the Land Register does.
- Revenue Scotland
Is the tax authority responsible for the administration of Scotland's devolved taxes.
The following acts are referenced in this consultation. In addition to the references within the consultation they can be accessed at the links below:
Charities and Trustee Investment (Scotland) Act 2005
Companies Act 2006
Land Reform (Scotland) Act 2016
Land Registration etc. (Scotland) Act 2012
Money Laundering Regulations 2007
Small Business, Enterprise and Employment Act 2015
Email: Stephen Krzyzanowski, LandReform@gov.scot