Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 18 paragraph 10

Trustees of a settlement acquiring chargeable interests

Schedule 18 paragraph 10 deals with how trustees of a settlement are treated when they acquire a chargeable interest in land or an interest in a partnership for LBTT purposes.

• Where trustees of a settlement acquire a chargeable interest in land or a partnership interest, they are treated as the buyers of the entire interest acquired.
• This treatment applies to both the legal and beneficial interest in the property or partnership.
• The trustees collectively are regarded as the purchasers, rather than any underlying beneficiaries of the settlement.
• This ensures that for LBTT purposes, the trustees are the relevant party to the transaction and bear the associated tax obligations.