The Scottish Government has today announced its Draft Budget for 2018-19.
This includes the intention to introduce a new relief on LBTT for first-time buyers in Scotland which increases the zero-rate threshold from the current level of £145,000 to £175,000. The Budget document sets out Scottish Government plans to launch a consultation on the LBTT policy proposals and this is expected to begin in January.
Scotland’s tax authority collected over £630m in Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) for the Scottish Consolidated Fund during 2016-17, an increase of £61m compared to 2015-16.
The combined total of LBTT and SLfT collected since Revenue Scotland began operating also exceeded £1bn.
The figures were revealed in the tax authority’s annual reports and accounts which were published today (Tuesday 26th September).
The Cabinet Secretary for Finance and the Constitution, Derek Mackay, today announced the reappointment of Ian Tait, Jane Ryder and Lynn Bradley to the Board of Revenue Scotland.
Mr Mackay said: “The reappointments means that the board members are in a position to continue the good work that they started when the organisation was set up.
Revenue Scotland has now published quarterly Key Performance Indicators (KPIs) covering January to March 2016 on our website. In this quarter, over 25,000 returns were received and over 98% of returns were submitted online.
Following Royal Assent, and the publication of the Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 , the Additional Dwelling Supplement is now in effect for certain property transactions in Scotland.The Tax Calculator has been updated to provide for ADS calculations,Legislative Gu
The team behind Revenue Scotland has scooped the prestigious Innovation Award at a Government Finance and Internal Audit event in Birmingham.
Hosted by the National Audit Office and PWC the event, attended by more than 900 delegates from across the UK civil service, was a showcase of best practice in internal audit and government finance.
Draft legislation to introduce a supplement on purchases of additional residential properties has been introduced to the Scottish Parliament. The Land and Buildings Transaction Tax (Amendment) (Scotland) Bill is being introduced by Ministers to ensure that opportunities for first-time buyers to enter the housing market in Scotland remain as strong as they possibly can, and to avoid a potential distortion of the Scottish housing market when similar UK legislation comes into effect in April.
The head of the Law Commission of England and Wales, Elaine Lorimer, has today been appointed as the new Chief Executive of Revenue Scotland.
Mrs Lorimer will take charge of the tax authority in March 2016 - which has, to date, collected more than £330 million in taxes to fund vital public services. She replaces Eleanor Emberson, who led the successful formation and launch of Revenue Scotland.
Mrs Lorimer said:
Finance Secretary John Swinney has today announced changes affecting the Land and Buildings Transaction Tax (LBTT) and the Scottish Landfill Tax (SLfT).
In his Budget Statement to Parliament, Mr Swinney proposed that additional residential properties, such as buy to let or second homes, will be subject to a new LBTT supplement from 1st April 2016, while the standard and lower rates for SLfT will rise in line with inflation from 1st April 2016.