Revenue Scotland has revised its position on the application of the land and buildings transaction tax legislation to charities entering into common ownership of property. It will no longer refuse claims to partial charities relief where certain criteria are met.
Where a charity is one of a number of buyers who are or will become common owners, Revenue Scotland now accepts that charities relief from land and buildings transaction tax (LBTT) may be claimed, based on the individual interests of the different parties.
The LBTT guidance has been amended to reflect the new position and to explain how to calculate partial charities relief.
Revenue Scotland has revised its position on the application of the land and buildings transaction tax legislation to charities entering into common ownership of property. It will no longer refuse claims to partial charities relief where certain criteria are met.
Where a charity is one of a number of buyers who are or will become common owners, Revenue Scotland now accepts that charities relief from land and buildings transaction tax (LBTT) may be claimed, based on the individual interests of the different parties.
The LBTT guidance has been amended to reflect the new position and to explain how to calculate partial charities relief.
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