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

SCHEDULE 19 S Leases

PART 2 S Amount of tax chargeable: rent

Valid from 01/04/2015

Net present value S

6 S The net present value (NPV) of the rent payable over the term of a lease is calculated by applying the following formula—

where—

r_i is the rent payable in respect of year i,

i is the first, second, third etc. year of the term of the lease,

n is the term of the lease, and

T is the temporal discount rate (see paragraph 7).