Commentary on Sections

Part 2 – the Tax and Key Concepts

Section 7 - Buyer and seller

17.Section 7 provides that for the purposes of LTT the “buyer” is the person acquiring the subject-matter (i.e. the chargeable interest and related interests and rights) and the “seller” is the person disposing of the subject-matter of the transaction. These terms apply even where there is no consideration provided.