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 Scottish government is consulting until 23 March 2018 on the proposed introduction of an LBTT threshold of £175,000 for first-time buyers in Scotland. The change is to be implemented through secondary legislation, intended to come into force in June 2018.
The Welsh government has laid a package of regulations providing the final detail on remaining elements of land transaction tax in time for its introduction in April 2018.
The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Commencement No 2) Order, SI 2018/34, brings certain provisions of the Act into force on 25 January 2018, including penalties and interest, issue of notices by the Welsh Revenue Authority and enforcement, for the devo
The Land Transaction Tax (Administration) (Wales) Regulations, WSI 2018/2, coming into force on 1 April 2018, set out the conditions to be met for the Welsh Revenue Authority (WRA) to a certificate following receipt of a land transaction return, and prescribe the evidence to be submitted to the W
The starting threshold for land transaction tax in Wales will increase from £150,000 to £180,000 for the residential main rates when the tax is devolved in April 2018, the Welsh government has announced.
The SDLT threshold for residential property in England is £125,000.
Alongside the announcement of its draft Budget for 2018/19, the Welsh government has published rates and bands for the new land transaction tax (LTT) and landfill disposals tax (LDT), which will replace SDLT and landfill tax respectively in Wales from 1 April 2018.
The chancellor of the exchequer, Philip Hammond, has published a letter to the OTS in response to its recommendations on modernising stamp duty on paper documents, aimed at putting stamp duty on a modern digital footing and retiring the stamping machines.
The Labour Party has relaunched the proposal, first floated in its election manifesto, to expand stamp duty into a broader financial transaction tax. The proposed tax would be applicable to all debt and equity security trades.