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PART 3Calculation of tax and reliefs

Amount of tax chargeable

24Tax rates and tax bands

(1)The Scottish Ministers must, by order, specify the tax bands and the percentage tax rates for each band—

(a)for residential property transactions, and

(b)for non-residential property transactions.

(2)An order under subsection (1) must specify, in the case of each type of transaction—

(a)a nil rate tax band and at least two other tax bands,

(b)the tax rate for the nil rate tax band, which must be 0%, and

(c)the tax rate for each tax band above the nil rate tax band so that the rate for each band is higher than the rate for the band below it.

(3)A transaction is a residential property transaction if—

(a)the main subject-matter of the transaction consists entirely of an interest in land that is residential property, or

(b)where the transaction is one of a number of linked transactions, the main subject-matter of each transaction consists entirely of such an interest.

(4)A transaction is a non-residential property transaction if—

(a)the main subject-matter of the transaction consists of or includes an interest in land that is not residential property, or

(b)where the transaction is one of a number of linked transactions, the main subject-matter of any transaction consists of or includes such an interest.

(5)In the case of a transaction for which the whole or part of the chargeable consideration is rent, see paragraph 3 of schedule 19 (leases) for the tax rates and tax bands applicable to such consideration.

25Amount of tax chargeable

(1)The amount of tax chargeable in respect of a chargeable transaction is to be determined as follows.

(2)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to schedule 19 (leases).

(3)This section is subject to—

(a)schedule 5 (multiple dwellings relief),

(b)schedule 9 (crofting community right to buy relief),

(c)Part 3 of schedule 11 (acquisition relief).

26Amount of tax chargeable: linked transactions

(1)Where a chargeable transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the transaction is to be determined as follows.

(2)The relevant consideration is the total of the chargeable consideration for all the linked transactions.

(3)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to schedule 19 (leases).

(4)This section is subject to—

(a)schedule 5 (multiple dwellings relief),

(b)schedule 9 (crofting community right to buy relief),

(c)Part 3 of schedule 11 (acquisition relief).