Land and Buildings Transaction Tax (Scotland) Act 2013 section 30

Notifiable transactions

Section 30 sets out which land transactions must be notified to Revenue Scotland and which transactions are exempt from the notification requirement.

• Most land transactions are notifiable, but several categories are excluded, including exempt transactions, purchases of land for less than £40,000, and acquisitions of minor interests where the consideration falls within the nil rate band.
• Certain lease transactions are also not notifiable, depending on the lease term, the level of rent, and the amount of any other consideration paid.
• When determining whether a transaction falls below the notification thresholds, the chargeable consideration includes the total consideration for all linked transactions and any amounts that would be chargeable but for a relief.
• The Scottish Ministers have the power to change the monetary thresholds that determine whether a transaction is notifiable.

---