Revenue Scotland and Tax Powers Act 2014 section 81

Further provision: land and buildings transaction tax

Section 81 gives Scottish Ministers the power to make regulations requiring buyers in non-notifiable land transactions to keep and preserve records proving the transaction did not need to be notified.

• This section applies specifically to land and buildings transaction tax (LBTT)
• Scottish Ministers may make regulations about record-keeping for land transactions that are not notifiable to Revenue Scotland
• Buyers in non-notifiable transactions may be required to keep records demonstrating why notification was not needed, and to preserve those records as specified in the regulations
• The existing record-keeping duties and penalty provisions (sections 74 to 79) can be applied, with or without modifications, to these buyers