Where a lease is assigned, then after the effective date of the assignation the assignee assumes the assignor’s duties in relation to LBTT. The relevant provisions of the LBTT(S)A 2013 which apply to the assignee are the requirements to submit an LBTT return (or further LBTT return):
- where contingency ceases or consideration is ascertained – see LBTT4021;
- in consequence of a later linked transaction – see LBTT4015;
- on every third anniversary – see LBTT6015;
- on assignation or termination of the lease – see LBTT6017;
- where a lease for a fixed term continues after the end of the term – see LBTT6020;
- in relation to a lease for an indefinite term – see LBTT6021; and
- where a transaction becomes notifiable because of a variation to the rent or the term of the lease – see LBTT6029.
Anything that was done by the assignor in relation to the lease is to be treated as if it was done by the assignee. See LBTT6017 for guidance on the review of a lease which was originally notified to us and is later assigned or terminated.
This rule does not apply if the assignation of the lease is treated as the grant of a lease (see LBTT6026).