PART 1Land and buildings transaction tax
I11The tax
1
A tax (to be known as land and buildings transaction tax) is to be charged on land transactions.
2
The tax is chargeable—
a
whether or not there is an instrument effecting the transaction,
b
if there is such an instrument, whether or not it is executed in Scotland, and
c
whether or not any party to the transaction is present, or resident, in Scotland.
3
The Tax Authority is to be responsible for the collection and management of the tax.