Revenue Scotland revises view on Partial Charities Relief

Revenue Scotland has revised its view on the application of Schedule 13 of the Land and Buildings Transaction Tax (Scotland) Act 2013 (‘LBTTA’) to cases where a charity is one of a number of buyers who are or will become common owners.  We now accept that Charities relief from LBTT may be claimed for the charity’s (or charities’) pro indiviso share(s) of the relevant land transaction.

Revenue Scotland publishes its first annual report

Revenue Scotland has collected £572m in its first full year of operation.

Scotland’s devolved tax authority, which is responsible for the administration and collection of Land and Building Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT), revealed the total revenue raised when it published its 2015-2016 annual report and financial statements today. The revenue collected is transferred to the Scottish Consolidated Fund to support the delivery of public services in Scotland.

Reminder of agent reponsibilities for LBTT Arrangements Satisfactory

Revenue Scotland would like to remind agents of their responsibilities in respect to Arrangements Satisfactory for LBTT. Transactions for residential properties with a chargeable consideration of £40,000 and over will require an LBTT return to be made, even if no tax is due.  Full details on which land transactions are notifiable for LBTT purposes and which are not can be found at LBTT4003

Monthly LBTT Statistics May 2021

Commentary

A total self reported tax liability of £53.8m was declared by taxpayers in May 2021, £9.4m higher than April 2021, and £36.7m higher than May 2020.

In comparison to the previous month, residential liabilities increased by £10.5m and non-residential liabilities decreased by £1.1m.

A total of 9,860 notifiable land and building transactions were reported in May 2021, which is 1,650 more than April 2021, and 6,280 more than May 2020. 

[Note – the data file originally provided was incorrect (please ignore it), and was replaced with the correct data file shortly after publication. Revenue Scotland apologises for this error].

Monthly LBTT Statistics April 2021

Commentary

A total self reported tax liability of £44.1m was declared by taxpayers in April 2021, £31.9m lower than March 2021, but £29.9m higher than April 2020.

In comparison to the previous month, residential liabilities decreased by £31.1m and non-residential liabilities decreased by £0.8m.

A total of 8,220 notifiable land and building transactions were reported in April 2021, which is 6,040 less than March 2021, but 4,670 more than April 2020.

Although March 2021 marked the end of the financial year, summing revenue declared due for April 2020 to March 2021 will not exactly match the LBTT revenue figures which will appear in due course in Revenue Scotland's Annual Report and Accounts for 2020-21. A key difference relates to how claims for repayment of ADS are treated in the statistics compared to the accounts (i.e. which time period they are allocated to). Further detail is provided in Appendix B(i) of Revenue Scotland's Annual Summary of Trends in the Devolved Taxes (link provided in the 'Related Statistics' tab of this workbook).

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