For many of us, inheritance tax was never something we needed to consider – but that is rapidly changing.
Land and Buildings Transaction Tax (LBTT) came under the purview of the Scottish Government on 1 April 2015. In the main, the Scottish legislation was a ‘copy and paste’ job of the UK SDLT rules with little independent thought given as to how this tax should work in Scotland.
By understanding the different stages of your business, you’ll have an idea of what to expect. Here is a brief guide to the business lifecycle.