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

Transactions with no chargeable consideration

Schedule 1, paragraph 1 provides that a land transaction is exempt from LBTT where no chargeable consideration is given for the transaction.

• A land transaction is exempt from LBTT if there is no chargeable consideration
• Chargeable consideration means any payment, value or benefit given in exchange for the land interest
• Where no consideration passes, no LBTT return is required and no tax is due
• This exemption applies regardless of the type or value of the land or property involved