The Scottish Government's consultation on this tax which will replace Stamp Duty Land Tax in Scotland from 2015 is open until 30 August 2012. Scottish Land & Estates will be considering the implications of this replacement tax on both land transactions and also on agricultural and residential leases. A subgroup of experienced taxation lawyers has been set up and Scottish Land & Estates has accepted an invitation to participate in a working group under the auspices of the Law Society of Scotland. The consultation paper can be accessed at http://www.scotland.gov.uk/Publications/2012/06/1301
It is anticipated that this very short consultation period will be the only opportunity to comment on the structure of this new tax; it is understood that there will be no consultation on the terms of a Draft Bill. The next opportunity will be at Stage 1 when written evidence can be submitted to the relevant Parliamentary Committee. It is vital that any comments relevant to the members of Scottish Land & Estates are fed into the present Consultation process. Potentially, this is a very important new tax on land transactions.
Scottish Land & Estates has produced a Briefing Note for members Taking Forward a Scottish Land and Buildings Transaction Tax which is now available here.