The above Act received Royal Assent on 31 July. The Act replaces the current UK SDLT in Scotland with the land and buildings transaction tax (LBTT), with effect from April 2015.
The above Act received Royal Assent on 31 July. The Act replaces the current UK SDLT in Scotland with the land and buildings transaction tax (LBTT), with effect from April 2015. The Act, which comprises 70 sections and 19 schedules, is the first of three related pieces of legislation resulting from measures enacted in the Scotland Act 2012. This Act, along with a Landfill Tax Bill and a Tax Management Bill, will provide for the introduction of two new taxes and set a framework for the collection of these taxes.
LBTT is a tax on land transactions. A ‘land transaction’ is the acquisition of a chargeable interest (i.e. an interest, right or power in or over land which is not exempt).
SDLT, and the LBTT, are payable on the purchase or transfer of property or land, subject to certain thresholds, reliefs and exemptions. Both residential and non-residential transactions are liable. In 2011/12, SDLT generated revenues of £275m in Scotland, although there has been considerable variation in this total in recent years. In 2009/10, SDLT revenues were less than half their 2007/08 level.
The above Act received Royal Assent on 31 July. The Act replaces the current UK SDLT in Scotland with the land and buildings transaction tax (LBTT), with effect from April 2015.
The above Act received Royal Assent on 31 July. The Act replaces the current UK SDLT in Scotland with the land and buildings transaction tax (LBTT), with effect from April 2015. The Act, which comprises 70 sections and 19 schedules, is the first of three related pieces of legislation resulting from measures enacted in the Scotland Act 2012. This Act, along with a Landfill Tax Bill and a Tax Management Bill, will provide for the introduction of two new taxes and set a framework for the collection of these taxes.
LBTT is a tax on land transactions. A ‘land transaction’ is the acquisition of a chargeable interest (i.e. an interest, right or power in or over land which is not exempt).
SDLT, and the LBTT, are payable on the purchase or transfer of property or land, subject to certain thresholds, reliefs and exemptions. Both residential and non-residential transactions are liable. In 2011/12, SDLT generated revenues of £275m in Scotland, although there has been considerable variation in this total in recent years. In 2009/10, SDLT revenues were less than half their 2007/08 level.
