The following Corporation Tax guidance note by Tolley in association with Grant Thornton's stamp taxes team provides comprehensive and up to date tax information covering:
For land in Scotland, from 1 April 2015 SDLT has been replaced by a new Scottish tax called Land and Buildings Transactions Tax (LBTT). The legislation for this is primarily contained in the Land and Buildings Transaction Tax (Scotland) Act 2013 (subscription sensitive). See the Revenue Scotland website for further details.
The general rule is that a land transaction return should be submitted to HMRC where the chargeable consideration for the acquisition (other than rent) is £40,000 or more. Where the transaction is the grant of a lease of seven years or more, notification is also required if the annual rent is £1,000 or greater.
There are some instances where there is no requirement to submit a land transaction return. These include the following:
These exceptions do not apply where there is SDLT chargeable at a rate of 1% or more, or would be but for a relief.
There is also a requirement to submit a land transaction return where the anti-avoidance provisions of FA 2003, ss 44A or 75A apply. See the Stamp duty land tax - basic rules guidance note for further details in relation to section 75A. The provisions of section 44A determine the SDLT treatment in situations where a contract provides for the conveyance of an interest in land to a third party.
The deadline for submitting a land transaction return and paying
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