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

SCHEDULE 17 Partnerships

PART 8 Application of provisions on exemptions, reliefs and notification

Notification of transfers of partnership interests

41 (1) A transaction which is a chargeable transaction by virtue of paragraph 17 or 32 (transfer of partnership interest) is a notifiable transaction if (but only if) the consideration for the transaction exceeds the nil rate tax band.

(2) The consideration for a transaction exceeds the nil rate tax band if—

(a) the chargeable consideration, or

(b) where the transaction is one of a number of linked transactions, the total of the chargeable consideration for all the linked transactions,

exceeds the nil rate tax band applicable to the transaction.