Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 18 paragraph 11

Acquisitions through powers of appointment or trustee discretion

Schedule 18 paragraph 11 identifies two specific circumstances in which the special consideration rules in paragraph 12 will apply to chargeable interests acquired in connection with settlements (trusts).

• Paragraph 11 acts as a gateway provision, setting out when paragraph 12's rules on consideration apply
• It covers acquisitions of chargeable interests made through the exercise of a power of appointment
• It also covers acquisitions arising from the exercise of a discretion held by the trustees of a settlement
• In both cases, the chargeable interest must be acquired by virtue of that exercise of power or discretion