24Tax rates and tax bandsS
(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.
Commencement Information
I1S. 24 in force at 7.11.2014 by S.S.I. 2014/279, art. 2, Sch.