Corporate Tax & Incentives

From 1 April 2015, Scotland will raise its first tax in over 300 years as Land and Buildings Transaction Tax (LBTT) replaces SDLT on purchases and leases of land in Scotland. Revenue Scotland, which was set up in light of the further tax powers devolved under the Scotland Act 2012, will be responsible for administering LBTT.

Further devolution of tax to Scotland is on its way. The Smith Commission proposed that the Scottish Parliament should be responsible for setting income tax rates, air passenger duty, aggregates levy and that Scotland should receive a share of VAT.

For now, you can find more details on LBTT in a blog post by our Corporate tax specialist Isobel d’Inverno.

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