2020-21 Annual Summary of Trends in the Devolved Taxes published
Revenue Scotland has today published its Annual Summary of Trends in the Devolved Taxes 2020-21.
This comprehensive report gives an insight into the performance trends of Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) since tax operations began in April 2015.
The impact of COVID-19 on tax revenue and property transactions is evident within these statistics.
Annual Summary of Trends in the Devolved Taxes 2020-2021
Executive summary
This report describes trends in Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) declared due during the first six years of devolved tax collection in Scotland, from April 2015 to March 2021.1 The impact of COVID-19 on numbers of transactions and revenue is evident within these statistics and more detail is provided below and in the relevant sections of the publication.
Notes to the Accounts
1. Statement of accounting policies
1.1 Basis of accounting
Financial Statements
Statement of Revenue and Expenditure
For the Year Ended 31 March 2021
| Note | 2020-21 £000 |
2019-20 £000 |
|
|---|---|---|---|
| Revenue | |||
| Taxes | |||
| Land and Building Transaction tax | 2.1 | 517,354 | 597,368 |
| Scottish Landfill tax |
Independent Auditor's Report
Independent Auditor’s Report to the Auditor General for Scotland and the Scottish Parliament
Reporting on the audit of the financial statements
Opinion on financial statements
Annual Report and Accounts 2020-21
Revenue Scotland has published the Annual Reports and Accounts for its resource spend as well as for the devolved taxes.
The reports, now laid in Parliament, give an outline of our key business activities and performance over the past financial year.
Despite beginning 2020-21 in the midst of the COVID-19 pandemic, we have worked hard to continue to deliver for taxpayers and their agents.
We have:
Annual Reports and Accounts 2020-21 - Resource Accounts
Statement from the Chair
I am delighted to present Revenue Scotland’s seventh Annual Report and Accounts for the Resource Accounts.
Annual Report and Accounts 2020-21 - Devolved Taxes Accounts
Welcome to the Revenue Scotland Annual Report and Accounts for the Devolved Taxes for 2020-21.
This is the sixth reporting year since the organisation began its operational activity in April 2015, and also the third reporting period of Revenue Scotland’s 2018-21 corporate planning period.
Launch of Revenue Scotland Corporate Plan 2021-24
On Tuesday 30 November, we published our third Corporate Plan 2021-24 after it was laid in Parliament.
The Corporate Plan 2021-24 outlines the purpose, vision, strategic objectives and performance measures for Revenue Scotland. Together, these will help us continue our work in raising revenue to support public services across Scotland.
Financial Plan
This corporate plan sets out the strategic outcomes we are seeking to achieve during the 2021-24 planning period and the strategic objectives that will help the organisation to deliver those outcomes. The Revenue Scotland budget is set annually. The financial projections associated with this corporate plan therefore, are estimates which are subject to change.