Land and Buildings Transaction Tax ("LBTT") reporting obligations can be onerous, but recognising when they arise in complex transactions is crucial.
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Revenue Scotland have confirmed that Land and Buildings Transaction Tax is generally not payable on in specie pension fund transfers, bringing it into line with the position in England and Wales. However, taxpayers who entered into leases on are after April 2015 are now obliged to submit an updated LBTT return - which are due every three years to reflect any changes to the level of rent.
Currently, 'in specie' pension fund transfers are subject to Land and Buildings Transaction Tax in Scotland. If this position is confirmed in further guidance due to be issued, then it could have serious negative implications for consumer choice and competition in the personal pensions market.
Appeal under the Acquisition of Land (Authorisation Procedure) (Scotland) Act 1947 and the Land Compensation (Scotland) Act 1973 by John Mowbray against The Scottish Ministers and Fife Council.
The new Land and Buildings Transaction Tax (LBTT) will come into effect on 1 April 2015, replacing SDLT (stamp duty land tax). LBTT will be collected and administered by the newly-created Revenue Scotland.