Land and Buildings Transaction Tax (Scotland) Act 2013 section 62

Meaning of "market value"

Section 62 defines what "market value" means for the purposes of LBTT.

  • Market value for LBTT purposes is determined using the same approach as for Capital Gains Tax (CGT)
  • The relevant rules are found in sections 272 to 274 of the Taxation of Chargeable Gains Act 1992
  • In broad terms, market value means the price a property would fetch on the open market, with no reduction for the assumption that the whole property is placed on the market at the same time
  • This ensures a consistent and well-established valuation basis is applied across LBTT transactions

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