The Act
Part 2 – Key Concepts
Chapter 3 of Part 2 – Chargeable Transactions and Chargeable Consideration
Annuities etc.
Section 21 – Annuities etc.: chargeable consideration limited to 12 years’ payments
58.Section 21 determines how LBTT will apply where the chargeable consideration is in the form of an annuity. Where an annuity is paid as consideration for a land transaction, the chargeable consideration will be taken to be a one-off payment comprising twelve years’ payments. Where the payments vary, the twelve highest payments will be taken into account. LBTT will accordingly be payable as a single payment.
59.Subsection (9) clarifies that there is no provision for LBTT payments to be deferred, or for an adjustment of the amount of tax paid if, at a later date, an actual payment differs from a reasonable estimate, say, of the payment made when the tax was assessed.
- Blaenorol
- Nodiadau Esboniadol Tabl o’r Cynnwys
- Nesaf
