Land and Buildings Transaction Tax (Scotland) Act 2013 section Sch 12 para 3

Definitions for Schedule 12

Schedule 12, paragraph 3 defines two key terms used throughout the schedule: "limited liability partnership" and "the relevant time".

• A limited liability partnership (LLP) means one formed under the Limited Liability Partnerships Act 2000 or the equivalent Northern Ireland legislation of 2002.
• "The relevant time" determines when the transferor's interest is valued for the purposes of this schedule.
• If the transferor acquired the interest after the LLP was incorporated, the relevant time is immediately after that acquisition.
• In all other cases, the relevant time is immediately before the LLP was incorporated.