Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 4 paragraph 1

Introduction and overview of Schedule 4

Schedule 4, paragraph 1 introduces a set of LBTT reliefs that apply to certain acquisitions of residential property, and explains how the schedule is organised.

• Schedule 4 provides LBTT relief for specific types of residential property acquisitions involving house-building companies and property traders.
• Relief is available when a house-building company buys an individual's existing home in connection with that individual acquiring a new dwelling.
• Relief is also available when a property trader buys an individual's existing home, either in connection with a new dwelling purchase or where a chain of transactions has broken down.
• The schedule also contains provisions for withdrawal of these reliefs in certain circumstances and definitions of key terms used throughout.