The Scottish government seeks views on proposed legislative amendments to the Land and Buildings Transaction Tax (Scotland) Act 2013. These will provide a relief from LBTT for qualifying non-residential transactions within a designated green freeport tax site.
The consultation can be accessed here.
Changes to LBTT rules would offer full or partial relief from the tax on non-residential buildings and land in certain areas within the green freeports.
Relief would be available for a period of up to five years on land or property bought or leased for certain commercial activities.
The green freeports are expected to be operational later this year after being jointly announced by the Scottish and UK governments in January following a rigorous selection process.
https://www.gov.scot/news/green-freeports-tax-relief/
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Stamp Duty Land Tax is a well-written, user-friendly guide to the complexities of SDLT, written for accountants, solicitors and other tax professionals, with plenty of worked examples. Topics covered include basic principles, leasehold transactions, partnerships, trusts, reliefs, anti-avoidance legislation and recent tribunal decisions. Full reference is made throughout to relevant legislation, case law and guidance from HMRC.
