Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 3 paragraph 4

Definition of "debt" for Schedule 3

Schedule 3, paragraph 4 defines the meaning of "debt" for the purposes of Schedule 3 by cross-referencing the definition used elsewhere in the Act.

• The term "debt" as used throughout Schedule 3 has a specific defined meaning.
• The definition is borrowed from Schedule 1, paragraph 6(4) of the same Act.
• Under that definition, a "debt" includes any obligation to pay a sum of money, whether immediately or at a future date, and whether the amount is fixed or variable.
• This ensures consistent interpretation of the term across the relevant schedules of the Act.