Land and Buildings Transaction Tax (Scotland) Act 2013 section Sch 2 para 10

Conversion of foreign currency consideration into sterling

Schedule 2, paragraph 10 establishes that all consideration for LBTT purposes must be expressed in sterling, and sets out the rules for converting amounts denominated in foreign currencies.

• All references to the amount or value of consideration under LBTT are references to the amount or value in sterling.
• Where consideration is expressed in a foreign currency, it must be converted to sterling using the London closing exchange rate on the effective date of the transaction.
• If the parties to the transaction have used a different exchange rate for their own purposes, that rate is used instead of the London closing rate.
• The effective date of the transaction is the key date for determining which exchange rate applies.