The date at which the liability to LBTT arises is known as the effective date of the transaction. The effective date is also used to determine when other obligations in relation to the tax must be fulfilled, for example when a LBTT return must be made.
In the majority of cases, the effective date of the transaction is the date that the land transaction is completed (in other words, the date of settlement).
In a standard purchase of residential property (such as a house), the date of settlement is the date that the purchase price is paid by the buyer in exchange for the seller delivering the keys and disposition.
Circumstances where the effective date of a land transaction is not the date that the land transaction is completed include when the effective date is the date of substantial performance of a contract without completion or the date of substantial performance of a contract requiring conveyance to a third party.
Further details on how to determine the effective date of a transaction can be found in part
LBTT1004 of the guidance.