LBTT3001 - Exemptions and reliefs
Chapter 3 of the LBTT legislation guidance covering exemptions and reliefs from LBTT.
The LBTT(S)A 2013 distinguishes chargeable transactions and notifiable transactions. With certain exceptions, all chargeable transactions are notifiable, but not all notifiable transactions are chargeable. Accordingly, sometimes an LBTT return must be made to us where no tax is payable.
LBTT must be paid on all land transactions in Scotland (see section 15 of the LBTT(S)A 2013) unless:
- the interest in question is an exempt interest, namely a security interest such as the creditor’s interest in a standard security;
- the land transaction is specifically classed as an exempt transaction (see LBTT3002 for guidance on exempt transactions) by the LBTT(S)A 2013;
- the land transaction is exempt from charge, either because the chargeable consideration falls within the nil rate band or the tax charge has been reduced, deferred or eliminated due to a relief (not all of which can eliminate the charge entirely). See LBTT3010 for guidance on reliefs.
This Chapter is set out as follows: