Land and Buildings Transaction Tax (Scotland) Act 2013 section 64

Meaning of "completion"

Section 64 defines what "completion" means for the purposes of LBTT, distinguishing between leases and all other land transactions.

• For leases, completion occurs when the lease is executed (signed) by all parties or is otherwise constituted by any means.
• For all other land transactions, completion means the settlement of the transaction — typically the point at which the purchase price is paid and the property changes hands.
• Completion must relate to the transaction originally proposed, carried out between the same parties and in substantial conformity with the contract.
• The definition of completion is important because it determines key dates for LBTT filing and payment obligations.