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Revenue Scotland guidance on LBTT leases 3-year review

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Revenue Scotland has created a new section on its website with information on the LBTT three-year review of leases, under which tenants are required to submit a further return every three years from the effective date of the transaction to assess whether the correct amount of tax has been paid.

The new section includes a factsheet and FAQs, worked examples and a tax calculator.

The first three-year review of tax chargeable on leases for LBTT begins on 1 April 2018.

A further LBTT return is also required when a lease is assigned or terminated, both when the lease expires naturally and in instances when this occurs before the end of the agreed term.

The review return must be submitted to Revenue Scotland within 30 days of the third anniversary, or within 30 days from the date of assignation or termination of the lease. Late returns will incur a penalty.


Issue: 1388
Categories: News , Stamp taxes