Revenue Scotland has U-turned on its decision to levy land business transaction tax (LBTT) on in-specie transfers, a change it first made in October 2016.
A technical note published on 28 December confirmed Revenue Scotland has reversed its position on LBTT on in-specie transfers, and that the change would apply retrospectively. The note said the department will consider refunding tax from any individuals who have paid LBTT on the basis of the first change made in October 2016. Prior to the U-turn, a transaction in which a self-invested personal pension (SIPP) or small self-administered scheme (SSAS) purchased property was subject to LBTT (Scotland's version of stamp duty) where there was chargeable consideration. In October 2016, Re...
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