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Section 32 Contingency ceases or consideration ascertained: less tax payableI1C1

Scotland

(1)

The buyer in a land transaction may take one of the steps mentioned in subsection (2) to obtain a repayment of tax if—

(a)

section 18(2) or 19(2) (contingent, uncertain and unascertained consideration) applies in relation to the transaction (or to any transaction in relation to which it is a linked transaction),

(b)

an event mentioned in section 31(2) occurs, and

(c)

the effect of the event is that less tax is payable in respect of the transaction than has already been paid.

(2)

The steps are—

(a)

within the period allowed for amendment of the land transaction return, amend the return accordingly,

(b)

after the end of that period (if the land transaction return is not so amended), make a claim to the Tax Authority F1under section 107 of the Revenue Scotland and Tax Powers Act 2014 (asp 16) for repayment of the amount overpaid.

F2(2A)

For the period allowed for amendment of returns, see section 83 of the Revenue Scotland and Tax Powers Act 2014 (asp 16).

(3)

This section does not apply so far as the consideration consists of rent (see schedule 19 (leases)).

Annotations

Textual amendments

F1

Words in s. 32(2)(b) inserted (1.4.2015) by Revenue Scotland and Tax Powers Act 2014 (asp 16), s. 260(2), Sch. 4 para. 9(5)(a) (with ss. 257-259); S.S.I. 2015/110, art. 2(1)

F2

S. 32(2A) inserted (1.4.2015) by Revenue Scotland and Tax Powers Act 2014 (asp 16), s. 260(2), Sch. 4 para. 9(5)(b) (with ss. 257-259); S.S.I. 2015/110, art. 2(1)

Modifications

C1

S. 32 applied (1.4.2015) by The Land and Buildings Transaction Tax (Administration) (Scotland) Regulations 2014 (S.S.I. 2014/375), regs. 1, 12

Commencement

I1

S. 32 in force at 1.4.2015 by S.S.I. 2015/108, art. 2