Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 2 paragraph 7

Valuing non-monetary consideration at market value

Paragraph 7 of Schedule 2 establishes that when chargeable consideration for a land transaction takes a form other than money or debt, it must be valued at its market value as at the effective date of the transaction.

• Chargeable consideration can take many forms, not just cash — it may include goods, services, or other non-monetary items.
• Where consideration is given in a form other than money (in any currency) or debt, it must be converted to a monetary value for LBTT purposes.
• The value to be used is the market value of that non-monetary consideration at the effective date of the transaction.
• Where the consideration is money or debt, separate rules apply and this paragraph does not override those.