Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 4 paragraph 2

Exemption for house-building company acquiring an old dwelling

Schedule 4 paragraph 2 provides that when a house-building company purchases a dwelling from an individual, the transaction is exempt from LBTT provided certain qualifying conditions are satisfied.

• The exemption applies when a house-building company acquires a dwelling referred to as "the old dwelling" from an individual.
• The individual seller may be acting alone or jointly with other individuals.
• The acquisition by the house-building company is completely exempt from LBTT charge.
• The exemption only applies if specified qualifying conditions (set out elsewhere in the schedule) are met.