How to submit an LBTT lease review return for tenants

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Welcome to Revenue Scotland's YouTube channel. This video will demonstrate how
tenants can make an online LBTT return to review a lease. Once the return has
been accessed from the home page of the Revenue Scotland website, you'll be asked
to enter your email address and full name. Before pressing 'ok', please ensure
you have the information you will need to complete this return, as detailed
below. Once you have requested access, you must complete the return within 90
minutes. You will not be able to save a draft and go back to it later. An email
will be sent to you with a link to the online return. Please click on the link
in the email to access your return. 'About the Transaction' : Enter the
transaction reference of the original return. This is the transaction reference
of the first LBTT return submitted when the lease was granted, or when it
became notifiable for the first time. It is also in the letter that Revenue
Scotland sent to you to remind you of your requirement to file a return.
You should then indicate which event you are completing a review return for. The
'three-year review' and 'termination' options use the same functionality.
However, when 'assignation' is selected, a new section, '2.1', is enabled. The outgoing
tenant, the 'assignor', should provide details of the person they are assigning
the lease to - the 'assignee'.
Enter the effective date of the original transaction, as stated in the first
return submitted for the lease. Next, enter the relevant date for this
transaction. For the first three year lease review, this will be the third
anniversary of the date entered in the box above. Press 'next' to proceed to the
next page.
'About the tenant' : This section should be completed with the tenant's
details. If there are multiple tenants, the return must be submitted by paper, or
by an agent through the online portal. Depending on the nature of the tenant,
you can enter details of either private individuals or incorporated bodies.
You should then complete the fields below with the tenant's details. Please note
that fields marked with a red asterisk must be completed. Press 'next' to proceed
to the next page.
'About the Property' : Please enter the details of the leased
property. Once done, press 'next' to proceed to the next page.
'About the Lease' : Enter the start and end dates of the lease, as specified in the contract or agreement for lease.
If you are completing this return upon termination of a lease, enter
the date the lease ended as the 'End date as specified in the lease'. Enter the average
rent as the typical annual rent. Next, enter the amount of any premium paid on the grant
of the lease, plus any additional premiums paid, or to be paid,
since the last return was submitted.
If you have entered an amount as a premium, you must then enter the annual
rent in relation to the transaction as the relevant rent. Alternatively, if that
transaction is one of a number of linked transactions, enter the total of
the annual rents in relation to all of those transactions. Enter the net present
value of the lease. You can use the 'LBTT on lease transactions calculator'
available on our website to assist you with this calculation. Finally, enter the
total tax already paid on the lease. 'About the Calculation' : Press 'calculate' to
populate the amount due for this return. Please note however, LBTT is a self-assessed
tax and it is the tenant who is responsible for the amount entered
against this question. The box is editable so please ensure that the
amount of tax due is accurate. 'Declaration' : If after reading the
declaration statement you are content to give your agreement to it, you must
declare this by selecting the box beside the statement. You cannot submit and make
an LBTT return without completing the declaration statement. Once you have
completed the statement, you will be presented with one of three options.
If additional tax is payable, you must enter the payment method from the drop-down
list. Depending on which payment method you selected, the latest 'Payment date for
arrangements satisfactory' field will automatically update. If less tax is
payable you must select whether you are seeking
to claim a repayment of the overpaid tax, and if so, enter the bank details. Once
you are satisfied that the bank details are correct you can submit the return.
Finally, if no further tax is payable you can proceed to submit the return.
Once the return has been submitted you'll be given an opportunity to
download a PDF version of the return. This will be the only opportunity you
have to download the return. Please ensure your browser allows pop-ups
before you click 'download return'. A confirmation email will be sent to your
email address with your transaction reference number.
That concludes this video on 'How to make a further LBTT return to
review a lease'. Please contact Revenue Scotland for any further information.
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How to submit an LBTT lease review return for tenants

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