Land and Buildings Transaction Tax (Scotland) Act 2013 schedule 2A paragraph 12

Determining when a person owns a dwelling involved in a land transaction

Schedule 2A paragraph 12 establishes the rules for determining when a person starts or stops owning a dwelling for the purposes of the additional dwelling supplement, where that dwelling is or has been the subject of a land transaction.

• A buyer is treated as owning a dwelling from the end of the day that is the effective date of the transaction in which they acquire it.
• A seller is treated as ceasing to own a dwelling from the end of the day that is the effective date of the transaction in which they dispose of it.
• For dwellings in England, Wales or Northern Ireland, the terms "land transaction" and "effective date" take their meanings from the stamp duty land tax legislation (Part 4 of the Finance Act 2003).
• For dwellings outside the United Kingdom, a "land transaction" means any transfer of ownership, and the "effective date" is the date of settlement, completion, or the equivalent event in that jurisdiction.