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(This note is not part of the Order)
This Order specifies the first tax rates and tax bands for land and buildings transaction tax, which is introduced by the Land and Buildings Transaction Tax (Scotland) Act 2013 (“the LBTT(S) Act 2013”) and which, subject to the transitional provisions mentioned in article 1(2)(b), has effect in relation to land transactions on or after 1st April 2015. Separate tax bands and tax rates apply for:
residential property transactions (see Table A in the Schedule);
non-residential property transactions (see Table B in the Schedule); and
chargeable consideration which consists of rent (and therefore which is only relevant in the case of leases; see Table C in the Schedule).
Tax is to be calculated by reference to sections 25 and 26 of the LBTT(S) Act 2013 and, in the case of rent, Part 2 of schedule 19 to that Act. By virtue of section 24(4) of the LBTT(S) Act 2013, transactions involving a mixture of residential and non-residential property are treated as non-residential property transactions (accordingly Table B will apply). Where a premium is paid for the acquisition of a lease the premium will be taxed separately from any chargeable consideration which consists of rent, according to the applicable rates and bands in Table A or Table B.
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Policy Note sets out a brief statement of the purpose of a Scottish Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Scottish Statutory Instrument accessible to readers who are not legally qualified and accompany any Scottish Statutory Instrument or Draft Scottish Statutory Instrument laid before the Scottish Parliament from July 2012 onwards. Prior to this date these type of notes existed as ‘Executive Notes’ and accompanied Scottish Statutory Instruments from July 2005 until July 2012.
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