Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 17 paragraph 6

Partnerships excluded from being treated as unit trust schemes or open-ended investment companies

Schedule 17 paragraph 6 confirms that a partnership cannot be treated as a unit trust scheme or an open-ended investment company for LBTT purposes.

• A partnership is a distinct type of entity for LBTT purposes with its own specific rules under Schedule 17
• Even if a partnership has characteristics similar to a collective investment vehicle, it cannot be classified as a unit trust scheme
• Similarly, a partnership cannot be regarded as an open-ended investment company, regardless of its structure or activities
• This ensures that partnership transactions are always dealt with under the partnership provisions rather than any rules applicable to investment funds