LBTT9002 - What records must be kept and preserved

LBTT guidance on the types of records that must be kept and preserved for land transactions which are either notifiable or not notifiable for LBTT purposes.

A person is required to keep records in relation to any land transaction.  In connection with LBTT, a person required to make a LBTT return to us is required by section 74 of the RSTPA 2014 to keep and preserve such records as may be needed to be able to make a correct and complete return, including:

  • relevant instruments relating to the transaction, in particular any contract e.g. missives or conveyance e.g. disposition, and any supporting maps, plans or similar documents; and
  • records of relevant payments, receipts and financial arrangements.

The person must be able to demonstrate, from the records kept, that the amount of tax due declared on the LBTT return is the correct tax liability.

A person who is a buyer in a land transaction which is not notifiable is required by The Revenue Scotland and Tax Powers Act (Record Keeping) Regulations 2015 (made under section 81 of the RSTPA 2014) to keep and preserve the same type of records that a person who makes a LBTT return is required to keep and preserve.

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