The Revenue Scotland and Tax Powers Act 2014 (Commencement No.
The Revenue Scotland and Tax Powers Act 2014 (Commencement No. 2) Order, SSI 2014/370, brings into force on 1 January 2015 those provisions of the Revenue Scotland and Tax Powers Act 2014 which establish Revenue Scotland as a body corporate and provide for its functions in relation to land and buildings transaction tax (LBTT) and Scottish landfill tax.
The Land and Buildings Transaction Tax (Transitional Provisions) (Scotland) Order, SSI 2014/377, introduces transitional provisions with effect from 1 April 2015 to ensure that 13 different types of land transaction in Scotland that began under SDLT, but have an effective date on or after commencement of LBTT, are taxed only once under either LBTT or SDLT.
The Land and Buildings Transaction Tax (Ancillary Provision) (Scotland) Order, SSI 2014/376, gives the Scottish keeper of the registers a statutory power to reject applications for registration of a document in the books of council and session until submission of a LBTT return and the appropriate application form in respect of a land transaction in Scotland with effect from 1 April 2015.
The Land and Buildings Transaction Tax (Administration) (Scotland) Regulations, SSI 2014/375, will enable taxpayers to make application to Revenue Scotland to defer payment of LBTT in certain situations of contingent or uncertain consideration with effect from 1 April 2015. This will mirror the mechanism used for SDLT purposes.
The Land and Buildings Transaction Tax (Addition and Modification of Reliefs) (Scotland) Order, SI 2015/XXXX, has been published in draft. The draft order provides for five reliefs from land and buildings transaction tax (LBTT), with effect from 1 April 2015, which correspond to reliefs available in relation to SDLT. These are: friendly societies relief; building societies relief; visiting forces and international military headquarters relief; property accepted in satisfaction of tax relief; and lighthouses relief. The regulations also correct an error in relation to eligibility for relief for certain acquisitions by registered social landlords, and provide for full relief from LBTT for transactions involving the crofting community right to buy under which two or more crofts are bought.
The Scottish Landfill Tax (Prescribed Landfill Site Activities) Order, SI 2014/367, lists the landfill site activities to be treated as disposals subject to Scottish landfill tax with effect from 1 April 2015.
In other Scottish tax news, HMRC has published an update to its May 2012 note setting out the government’s policy intentions in areas where the new Scottish rate of income tax interacts with other areas of the income tax system from 2016 (see www.bit.ly/1Ikeqyl). This includes consultation until 31 January 2015 on a draft order and draft amendments to the PAYE regulations. Changes since May 2012 include decisions to:
make property income distributions from REITs and PAIFs chargeable to Scottish rates if the recipient is a Scottish taxpayer; and
tax income from interest in possession trusts and deceased estates at the Scottish rates when arising to Scottish taxpayer beneficiaries.
HMRC issued guidance in relation to relief at source pension schemes in December 2013.
The Revenue Scotland and Tax Powers Act 2014 (Commencement No.
The Revenue Scotland and Tax Powers Act 2014 (Commencement No. 2) Order, SSI 2014/370, brings into force on 1 January 2015 those provisions of the Revenue Scotland and Tax Powers Act 2014 which establish Revenue Scotland as a body corporate and provide for its functions in relation to land and buildings transaction tax (LBTT) and Scottish landfill tax.
The Land and Buildings Transaction Tax (Transitional Provisions) (Scotland) Order, SSI 2014/377, introduces transitional provisions with effect from 1 April 2015 to ensure that 13 different types of land transaction in Scotland that began under SDLT, but have an effective date on or after commencement of LBTT, are taxed only once under either LBTT or SDLT.
The Land and Buildings Transaction Tax (Ancillary Provision) (Scotland) Order, SSI 2014/376, gives the Scottish keeper of the registers a statutory power to reject applications for registration of a document in the books of council and session until submission of a LBTT return and the appropriate application form in respect of a land transaction in Scotland with effect from 1 April 2015.
The Land and Buildings Transaction Tax (Administration) (Scotland) Regulations, SSI 2014/375, will enable taxpayers to make application to Revenue Scotland to defer payment of LBTT in certain situations of contingent or uncertain consideration with effect from 1 April 2015. This will mirror the mechanism used for SDLT purposes.
The Land and Buildings Transaction Tax (Addition and Modification of Reliefs) (Scotland) Order, SI 2015/XXXX, has been published in draft. The draft order provides for five reliefs from land and buildings transaction tax (LBTT), with effect from 1 April 2015, which correspond to reliefs available in relation to SDLT. These are: friendly societies relief; building societies relief; visiting forces and international military headquarters relief; property accepted in satisfaction of tax relief; and lighthouses relief. The regulations also correct an error in relation to eligibility for relief for certain acquisitions by registered social landlords, and provide for full relief from LBTT for transactions involving the crofting community right to buy under which two or more crofts are bought.
The Scottish Landfill Tax (Prescribed Landfill Site Activities) Order, SI 2014/367, lists the landfill site activities to be treated as disposals subject to Scottish landfill tax with effect from 1 April 2015.
In other Scottish tax news, HMRC has published an update to its May 2012 note setting out the government’s policy intentions in areas where the new Scottish rate of income tax interacts with other areas of the income tax system from 2016 (see www.bit.ly/1Ikeqyl). This includes consultation until 31 January 2015 on a draft order and draft amendments to the PAYE regulations. Changes since May 2012 include decisions to:
make property income distributions from REITs and PAIFs chargeable to Scottish rates if the recipient is a Scottish taxpayer; and
tax income from interest in possession trusts and deceased estates at the Scottish rates when arising to Scottish taxpayer beneficiaries.
HMRC issued guidance in relation to relief at source pension schemes in December 2013.
