Land and Building Transactions Tax (LBTT) is a tax applied to residential and commercial land and building transactions (including commercial leases) where a chargeable interest is acquired. Where a notifiable lease has been granted on or after 1 April 2015 then an LBTT return must be submitted by the tenant within 30 days of the effective date (the date the transaction completes). Even where no tax is payable a return may be required.
When is a lease notifiable?
Every commercial lease in Scotland is notifiable