Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 17 paragraph 43

Definition of partnership property

Schedule 17 paragraph 43 defines what is meant by "partnership property" for the purposes of the LBTT rules on partnerships.

• Partnership property means any interest or right held for the purposes of the partnership business.
• It covers property held by the partnership itself or on behalf of the partnership.
• It also covers property held by the individual members of the partnership on behalf of the partnership.
• The defining feature is that the interest or right must be held for the purposes of the partnership business, not for personal purposes of the partners.