Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 4 para 22

Interpretation of references to acquisition and market value of a dwelling

Schedule 4 paragraph 22 clarifies how references to acquiring a dwelling and to the market value of a dwelling should be interpreted throughout the schedule.

• When the schedule refers to "acquiring a dwelling," it means acquiring a major interest in that dwelling, whether by grant or transfer.
• A major interest typically means ownership or a lease — the most significant legal interests one can hold in land.
• When the schedule refers to the "market value of a dwelling," it means the market value of that major interest in the dwelling.
• When the schedule refers to the "market value of the permitted area," it means the market value of that same major interest, but only so far as it relates to the permitted area of land.