Important tax information for tenants of commercial property

Important tax information for tenants of commercial property container

Important tax information for tenants of commercial property content

The Land and Buildings Transaction Act (Scotland) 2013 (LBTT)

Devolved tax legislation implemented on 1 April 2015 mean that some tenants in Scotland must, by law, submit a new tax return to Revenue Scotland every three years to ensure they have paid the correct amount of LBTT.  The first time a 3 year lease review return became due was therefore 2018.

A return has to be submitted:
• every three years from the effective date of the lease;
• at the point where the lease is assigned;
• at the point where the lease is terminated.

It is the responsibility of the tenant to submit the return – even if the lease has not changed or if no tax is due. Failure to do so will result in a penalty.
 
For further information please visit  www.revenue.scot/leases.