LBTT3009 - Variation of testamentary dispositions etc.

LBTT guidance on the exemption of a land transaction which changes the terms of a will or intestacy so that a different beneficiary receives a property.

This exemption applies to transactions which change the terms of a will or intestacy (within two years of someone dying) so that a different beneficiary receives a property. Provided the new beneficiary does not make any compensation payment, including the assumption of liability for a mortgage, the transaction is exempt from LBTT. A variation in the terms of the will or intestacy in favour of the original beneficiary does not count as a compensation payment - for example, leaving them something else instead of the property.

LBTT(S)A 2013 schedule 1 paragraph 7

See also the rules in relation to chargeable consideration (LBTT2011).

LBTT(S)A 2013 schedule 2 paragraph 9

Ref ID: 
LBTT3009
Archive Date: 
12 March 2015
Last updated: 
29 March 2017

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Updated date: 2016-04-13 16:49
Version ID: 804
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