An option or a pre-emption right, if granted in respect of a land transaction, is a chargeable transaction for LBTT purposes (s. 12(1)). While the acquisition of an option or a pre-emption right in itself does not equate the acquisition of the title (ownership) of the property, an option or a pre-emption right represents a right that confers an enforceable interest in respect of the property.

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