Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 17 Partnerships

PART 5 Transactions involving transfer from a partnership

Calculation of chargeable consideration

21 (1) The chargeable consideration for the land transfer is (subject to paragraph 28) taken to be equal to—

where—

• MV is the market value of the interest transferred, and

• SLP is the sum of the lower proportions determined in accordance with paragraph 22.

(2) This paragraph does not apply if the whole or part of the chargeable consideration for the transaction is rent (see paragraph 29 (application of Parts 3 to 5 to leases)).