Land and Buildings Transaction Tax (Scotland) Act 2013

Contingent, uncertain or unascertained consideration S

18 Contingent consideration S

(1) Subsection (2) applies where the whole or part of the chargeable consideration for a transaction is contingent.

(2) The amount or value of the consideration is to be determined on the assumption that the outcome of the contingency will be such that the consideration is payable or, as the case may be, does not cease to be payable.

(3) In this Act, “contingent”, in relation to consideration, means—

(a) that it is to be paid or provided only if some uncertain future event occurs, or

(b) that it is to cease to be paid or provided if some uncertain future event occurs.

Commencement Information

I1 S. 18 in force at 1.4.2015 by S.S.I. 2015/108, art. 2

19 Uncertain or unascertained consideration S

(1) Subsection (2) applies where the whole or part of the chargeable consideration for a transaction is uncertain or unascertained.

(2) The amount or value of the consideration is to be determined on the basis of a reasonable estimate.

(3) In this section, “uncertain”, in relation to consideration, means its amount or value depends on uncertain future events.

Commencement Information

I2 S. 19 in force at 1.4.2015 by S.S.I. 2015/108, art. 2

20 Contingent, uncertain or unascertained consideration: further provision S

Sections 18 and 19 have effect subject to—

(a) section 31 (return where contingency ceases or consideration ascertained),

(b) section 32 (contingency ceases or consideration is ascertained: less tax payable), and

(c) section 41 (application to defer payment in case of contingent or uncertain consideration).

Commencement Information

I3 S. 20 in force at 1.4.2015 by S.S.I. 2015/108, art. 2