Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 5 paragraph 23

Definition of "event" in Schedule 5

Schedule 5 paragraph 23 defines the term "event" as used throughout Part 3 of Schedule 5, which deals with situations where additional tax may become due or a repayment may arise after a land transaction has been completed.

• The term "event" is given a broad definition for the purposes of Part 3 of Schedule 5.
• An "event" includes any change of circumstance — for example, a change in the use of the property or in the parties involved.
• An "event" also includes any change of plan — for example, where the buyer originally intended to develop the land but later abandons that intention.
• This wide definition ensures that any occurrence which could affect the amount of LBTT payable on a transaction is captured by the provisions for recalculating tax.