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Land and Buildings Transaction Tax (Scotland) Act 2013

Schedule 12 – Relief for incorporation of limited liability partnership

243.This schedule is introduced by section 27. Paragraph 1 provides for relief from LBTT where land is transferred to a limited liability partnership. The relief is available only when a chargeable interest is being transferred as a result of incorporation of a limited liability partnership for the first time. Previously the chargeable interest would have been held by either an ordinary partnership within the Partnership Act 1890 or a limited partnership registered under the Limited Partnerships Act 2000 to a limited liability partnership formed under the Limited Liability Partnerships Act 2000 or the Limited Liability Partnerships Act (Northern Ireland) 2002. Paragraph 2 sets out the qualifying conditions that must be satisfied to attract the relief, including the requirement that the transferor must comprise those that are to be members of the limited liability partnership and nobody else. Paragraph 3 defines “limited liability partnership” and “relevant time” for the purposes of this schedule.

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.


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