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Land and Buildings Transaction Tax (Scotland) Act 2013

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Contingent, uncertain or unascertained considerationS

18Contingent considerationS

(1)Subsection (2) applies where the whole or part of the chargeable consideration for a transaction is contingent.

(2)The amount or value of the consideration is to be determined on the assumption that the outcome of the contingency will be such that the consideration is payable or, as the case may be, does not cease to be payable.

(3)In this Act, “contingent”, in relation to consideration, means—

(a)that it is to be paid or provided only if some uncertain future event occurs, or

(b)that it is to cease to be paid or provided if some uncertain future event occurs.

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Commencement Information

I1S. 18 in force at 1.4.2015 by S.S.I. 2015/108, art. 2

19Uncertain or unascertained considerationS

(1)Subsection (2) applies where the whole or part of the chargeable consideration for a transaction is uncertain or unascertained.

(2)The amount or value of the consideration is to be determined on the basis of a reasonable estimate.

(3)In this section, “uncertain”, in relation to consideration, means its amount or value depends on uncertain future events.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I2S. 19 in force at 1.4.2015 by S.S.I. 2015/108, art. 2

20Contingent, uncertain or unascertained consideration: further provisionS

Sections 18 and 19 have effect subject to—

(a)section 31 (return where contingency ceases or consideration ascertained),

(b)section 32 (contingency ceases or consideration is ascertained: less tax payable), and

(c)section 41 (application to defer payment in case of contingent or uncertain consideration).

Annotations: Help about Annotation
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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I3S. 20 in force at 1.4.2015 by S.S.I. 2015/108, art. 2

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