Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 19 paragraph 11

Return and tax recalculation on assignment or termination of a lease

Schedule 19 paragraph 11 sets out the requirement to submit a further LBTT return to Revenue Scotland when a lease that is subject to the three-yearly review process is either assigned to another party or comes to an end.

• When a lease subject to the regular three-yearly review regime is assigned or terminates, the tenant must submit a further return to Revenue Scotland.
• The return must be filed within 30 days beginning the day after the lease is assigned or terminated.
• The return must include a self-assessment of the tax chargeable in respect of the transaction as at the date of assignment or termination.
• The tax is calculated using the rates and bands that were in force at the original effective date of the transaction, and any overpayment of tax already made will be repaid by Revenue Scotland.