Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 18 paragraph 1

Introduction to the trust provisions

Schedule 18, paragraph 1 introduces the schedule that governs how LBTT applies to transactions involving trusts, and sets out how the schedule is organised.

• Schedule 18 is the dedicated schedule dealing with how LBTT applies to trusts of all kinds.
• The schedule covers general trust rules, specific treatment of bare trusts, and specific treatment of settlements.
• It includes provisions on who is liable to pay the tax and submit returns where settlements are involved — namely, the trustees.
• The schedule concludes with definitions of the key terms used throughout its provisions.