Penalties imposed by Revenue Scotland (RS) over the late filing of a land and buildings transaction tax (LBTT) return have been quashed after the tax agency failed to produce evidence that it had taken a decision to impose the penalties, as required by legislation.
Published 26 July 2019
By Rodney Whyte, partner and property and planning specialist at law firm Pinsent Masons
Published 29 October 2018
A seasonal upturn in property market activity has delivered a £57 million boost to Scottish Government revenues, generating the third highest monthly return since the Land and Buildings Transaction Tax (LBTT) was introduced.
Published 15 August 2018
The latest Land and Buildings Transaction Tax (LBTT) tax relief to first-time buyers is a positive change, especially in the current market conditions, according to estate agents.
Published 11 July 2018
Revenue Scotland updates online guidance and processes following introduction of First-Time Buyer Relief
Revenue Scotland has updated its guidance, systems and processes to allow First-Time Buyer Relief to be claimed from 30 June 2018.
Published 6 July 2018
The LBTT relief for first-time buyers, which came into force on June 30th, is the latest in a series of moves by the Scottish Government to help people get on the property ladder, but buyers will struggle to compete for properties in city centres in the current climate, says Shawn Wood.
Published 6 July 2018
First-time buyers will be helped to purchase their first home through a new tax relief which came into force at the weekend.
Published 2 July 2018
As the third anniversary (April) of the introduction of Land and Buildings Transaction Tax (LBTT) approaches, Robin Mitchell offers a timely reminder of tenants’ responsibilities.
Published 28 March 2018
An estate agent has bemoaned tax changes for second homeowners for “driving landlords out” of the private rented sector and triggering a sell-off by investors.
Published 20 March 2018
A consultation on the details of the first-time buyer relief from Land and Buildings Transaction Tax (LBTT) has been launched by the Scottish Government ahead of the introduction of new policy later this year.
Published 13 February 2018
A housebuilder is offering homebuyers in the east of Scotland the chance to buy a home without having to pay the full Land and Buildings Transaction Tax (LBTT).
Published 12 January 2018
Scottish housebuilder Mactaggart & Mickel Homes has responded to the UK government’s announcement on stamp duty by announcing that it is following suit to help first-time buyers get on the housing ladder.
Published 24 November 2017
The returns for the Scottish Government’s Land and Building Transaction Tax (LBTT) returns in February 2017 generated the lowest LBTT revenue of any other month in 2016/17, official figures have shown.
Published 27 March 2017
Receipts from the Scottish Government’s Land and Buildings Transaction Tax (LBTT) may fall below government estimates at the end of the 2016/17 financial year, according to official statistics.
Published 24 February 2017
Older homeowners looking to downsize should not have to pay the Scottish Government’s Land and Buildings Transaction Tax (LBTT) on their purchase in a bid to free up homes for younger buyers and re-energise the country’s flagging property market, housing experts have claimed.
Published 24 January 2017