Following the passing of the Scotland Act 2012, Stamp Duty Land Tax will cease to apply in Scotland in 2015. The Scottish Government consulted on a proposed Land and Buildings Transaction Tax in summer 2012 and a Bill was introduced to the Scottish Parliament late in 2012.
Scottish Land & Estates is monitoring the progress of this Bill and lodged a response to the Consultation. Written evidence was also lodged at Stage 1 of the Bill
Our Legal Adviser attended the evidence session of the Finance Committee on 6th February. The Committee was particularly interested in: 1 our concerns that subsale relief may not be available under the new legislation 2 our preliminary comments on the tax as it might apply to non-residential leases, which will include agricultural, renewables, forestry and other commercial leases. It is anticipated that the Government will propose Stage 2 amendments to deal with this aspect. We will continue to monitor this Bill as it proceeds through the parliamentary process.