Revenue Scotland creates online information hub for three-year leases review
The first three-year review of tax chargeable on leases for Land and Buildings Transaction Tax (LBTT) begins on 1 April 2018.
The review, which will apply to the majority of LBTT leases, is a legal requirement set out in the LBTT (Scotland) Act 2013. Under the Act, tenants are required to submit a further return to Revenue Scotland every three years to review the lease and assess whether the correct amount of tax has been paid.
Scottish Government launches Consultation for First Time Buyer relief
The Scottish Government has today launched a consultation on the First Time Buyer Relief as announced in the Scottish draft Budget on 14 December. The consultation will close on 23 March 2018 and the Scottish Government is inviting comments to be sent to the consultation hub https://consult.gov.scot/fiscal-responsibility/first-time-buyers-relief/ or by email to lbtt.ftb@gov.scot.
Scottish Government publishes Draft 2018-19 Budget
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.
Revenue Scotland amends interest rates in line with Bank of England announcement
On 2 November 2017, the Bank of England announced a 0.25% increase in the base interest rate. Revenue Scotland has amended its rates accordingly and these will take effect from Wednesday 8 November. Updated information is available in online guidance documents 4002, 4003 and 4004.
Annual Report shows £61m increase in LBTT and SLfT for 2016-17
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).
Members reappointed to the Board of Revenue Scotland
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.
Quarterly Key Performance Indicators covering January to March 2016 published
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.
Additional Dwelling Supplement comes into effect
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
Innovation Award for Revenue Scotland - Team Honoured at Government Finance Event
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.
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.