Land and Buildings Transaction Tax (Scotland) Act 2013 section 41

Notification requirements for transfers of partnership interests

Schedule 17, paragraph 41 sets out when a transfer of a partnership interest that counts as a chargeable land transaction must be notified to Revenue Scotland.

• A transfer of a partnership interest that is treated as a chargeable transaction only needs to be notified if the consideration exceeds the nil rate tax band.
• This applies to transfers of partnership interests under paragraph 17 (ordinary partnerships) and paragraph 32 (property investment partnerships).
• The consideration is compared against the nil rate tax band — if it falls within that band, no notification is required.
• Where the transfer is one of a series of linked transactions, the total consideration for all linked transactions is used to determine whether the nil rate band is exceeded.