LBTT Supplement - Draft Legislation Published
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.
New Chief Executive for Revenue Scotland
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:
Changes to LBTT and SLfT
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.
Success for Revenue Scotland: Chair comments on Audit Scotland report and Public Service Award
Chair of Revenue Scotland, Dr Keith Nicholson, has today welcomed the publication of an Audit Scotland report that acknowledges the strong programme management work which ensured Revenue Scotland successfully launched on April 1st.
The report was published in the wake of Revenue Scotland’s success at the Scottish Public Service Awards on December 7th, when Murdoch Macleod and John Paul Liddle accepted the Project and Programme Management Award on behalf of the Tax Administration Programme team.
Dr Nicholson said:
Penalties and Interest
From 1 October, Revenue Scotland will apply penalties and, where appropriate, interest to new and continuing failures to register for Scottish Landfill Tax (SLfT), submit a return for Land and Buildings Transaction Tax (LBTT) or SLfT, or make payments in time. Penalty and interest notices will be sent out for such failures in due course.
Analysis of Revenue Scotland consultation on guidance for contaminated soils now published
Revenue Scotland has now published the outcome of its recent consultation on options for improving its guidance for determining the tax rate applicable to contaminated soils.
New Chief Executive recruitment
Revenue Scotland is currently recruiting for a new Chief Executive to lead the organisation in its first year of operation.
Further details can be found on the Aspen People website.
Registration now open for the first LBTT forum
The first LBTT forum will take place on 22 September 2015, at the COSLA building at Haymarket Yards. The forum is open to those with an interest in the operation of Land and Buildings Transaction Tax and will focus on ‘ground level’, practical or technical areas specific to the administration and operation of LBTT. If you would like to become a member and attend the first meeting of the forum, please visit the registration site.
Responses to SLfT Consultation Published
Revenue Scotland has today published the responses to the SLfT consultation on guidance on how to determine the rate of Scottish Landfill Tax chargeable on contaminated soils. The final outcome of the consultation is expected to be published by the end of August 2015.
Dr Keith Nicholson appointed permanent Chair of Revenue Scotland
Dr Keith Nicholson has been appointed permanent Chair of Revenue Scotland from 1 August 2015 for a four year period until 31 July 2019, continuing the role he took up from 1 January 2015.