Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 17 paragraph 1

Introduction and overview of partnership provisions

Schedule 17, paragraph 1 introduces the schedule that governs how Land and Buildings Transaction Tax applies to transactions involving partnerships, and sets out the structure of the schedule's various parts.

• Schedule 17 contains special rules for how LBTT applies to partnerships, recognising that partnerships have unique characteristics compared to individuals or companies.
• The schedule covers ordinary partnership transactions, transfers of land into a partnership from partners or connected persons, and transfers of land out of a partnership to partners or connected persons (including transfers between partnerships).
• Separate provision is made for property investment partnerships, which are partnerships that hold land or buildings as investments rather than for trading purposes.
• The schedule also addresses how the general LBTT exemptions, reliefs, and notification requirements apply to partnership transactions.