Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 11 paragraph 10

Definition of "trade"

Schedule 11, paragraph 10 provides a definition of the term "trade" as used in Part 1 of Schedule 11, which deals with relief from LBTT in certain circumstances.

• This paragraph defines the meaning of "trade" for the purposes of Part 1 of Schedule 11.
• The definition of "trade" is broader than just formal, ongoing business activities.
• It includes any venture in the nature of trade, such as one-off commercial transactions undertaken with a view to profit.
• This wider definition ensures that reliefs and provisions in Part 1 of Schedule 11 apply consistently, whether the activity is a continuing trade or a single speculative transaction.