LBTT4003 - Notifiable transactions

The buyer in a notifiable transaction must notify Revenue Scotland by filing an LBTT return. The return must be made within 30 days of the day after the effective date. A transaction can be notifiable without there being a tax charge. If the transaction is chargeable, the return must include an assessment of the tax chargeable.

This guidance covers notifiable transactions, other than leases. The guidance on when a lease is notifiable can be found here: LBTT6010 Making a return and paying tax for a lease. 

LBTT4003 - Notifiable transactions

All land transactions need to be notified to us by means of a LBTT return unless (in relation to transactions other than those involving leases):

  • the interest in question is an exempt interest, namely a security interest such as the creditor’s interest in a standard security, in which case the transaction is beyond the scope of the legislation;
  • the transaction is classed as an exempt transaction (see LBTT3002);
  • the chargeable consideration for the transaction involving the acquisition of ownership and all linked transactions is less than £40,000; or
  • it is an acquisition of a chargeable interest other than a major interest in land where the chargeable consideration does not exceed the nil rate tax band applicable to the transaction.

None of the above apply where the transaction is under a contract providing for conveyance to a third party (see LBTT1006).

Separate rules apply relating to transactions involving leases which are notifiable. See LBTT6010 for more information.

LBTT(S)A 2013 section 30

Where a tax relief (see LBTT3010) is claimed to reduce or even eliminate the tax chargeable, a LBTT return must still be made if the consideration includes any amount on which LBTT would be chargeable but for the relief.

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