News / General

Revenue Scotland and LBTT - Urgent News

By SLAS Spokesperson

Those not already doing so, should be keeping a close eye on the Revenue Scotland website (www.revenue.scot) for updates on arrangements for the introduction of the Land and Building Transaction Tax (LBTT) at the beginning of next month.  As of 1st April 2015 the purchase of land or buildings, for either domestic or commercial use, and the registration of certain long leases will no longer be subject to Stamp Duty Land Tax (SDLT).  Any conveyance of property with a value in excess of the prescribed limit (£40,000.00?) registered on or after 1st April 2015 will require to be reported to Revenue Scotland and may be liable for LBTT.  Revenue Scotland have said that guidance and forms (both paper and electronic), replacing the SDLT forms and certificates, will be available on or after 24th March 2015 and that the online portal (through which practitioners must register) will be unavailable between 23rd and 24th March.  A recent tweet by the Law Society of Scotland (@Lawscot) advises that the portal will in fact be unavailable form 5pm 20th March 2014 and recommends that those who have not done so should sign up immediately.  Further details and links available at

www.lawscot.org.uk/news/2015/02/online-lbtt-sign-up-now-live/

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