Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 10 paragraph 17

The amount chargeable when relief is withdrawn

Paragraph 17 of Schedule 10 explains how to calculate the amount of tax that becomes chargeable when a charities relief or other relevant relief is withdrawn from a land transaction.

• When relief is withdrawn, the tax charge is recalculated as if the relief had never applied.
• The chargeable consideration used for this recalculation is the market value of the property at the time of the original transaction.
• If the transaction involved the grant of a lease rather than a purchase, the chargeable consideration is based on the rent instead of market value.
• The resulting figure represents the full amount of LBTT that would have been due had no relief been claimed.