(1)The amount of tax chargeable in respect of a chargeable transaction is to be determined as follows.
Step 1 For each tax band applicable to the type of transaction, multiply so much of the chargeable consideration for the transaction as falls within the band by the tax rate for that band.
Step 2 Calculate the sum of the amounts reached under Step 1. The result is the amount of tax chargeable.
(2)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to schedule 19 (leases).
(3)This section is subject to—
[F1(za) schedule 2A (additional amount: transactions relating to second homes etc. ), ]
[F2(zb)schedule 4A (first-time buyer relief),]
(a)schedule 5 (multiple dwellings relief),
(b)schedule 9 (crofting community right to buy relief),
[F3(ba)schedule 10A (sub-sale development relief),]
(c)Part 3 of schedule 11 (acquisition relief).
Textual Amendments
F1S. 25(3)(za) inserted (1.4.2016) by Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 (asp 11), ss. 2(1)(a), 5(2) (with s. 3)
F2S. 25(3)(zb) inserted (30.6.2018) by The Land and Buildings Transaction Tax (First-Time Buyer Relief) (Scotland) Order 2018 (S.S.I. 2018/221), arts. 1(1), 2 (with art. 6)
F3S. 25(3)(ba) inserted (1.4.2015) by The Land and Buildings Transaction Tax (Sub-sale Development Relief and Multiple Dwellings Relief) (Scotland) Order 2015 (S.S.I. 2015/123), arts. 1(1), 2
Commencement Information
I1S. 25 in force at 1.4.2015 by S.S.I. 2015/108, art. 2