How to submit an LBTT lease review return for agents

How to submit an LBTT lease review return for agents
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    Welcome to Revenue Scotland's YouTube channel. This video will demonstrate how
    users of Revenue Scotland's online portal can make a further LBTT return to review a lease.
    Once you have signed into the portal and selected the new tax return, you'll be
    asked to select which type of tax return you are seeking to complete. If there's
    an information bubble next to a question, clicking on it once will bring up some
    guidance on how to complete the question. If you select 'Conveyance of transfer' or
    'Lease ', you'll be presented with the existing versions of the LBTT return.
    Select 'Review of a lease' to submit a lease review 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. You should then indicate which
    event you are completing a review return for. The 'three-year review' and
    'termination' options will use the same functionality. However, when an
    '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 you can enter their details by using the
    'Add' function at the bottom of the page. The agent's details will be pre-populated
    based on the details you have entered when you signed up to the online portal.
    You must, however, complete the declaration to confirm that the tenant
    has authorised you to act on their behalf. 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.
    'About the Property' : This section is pre-populated with the property details
    entered on the original LBTT return. If these details are correct and complete,
    you can press 'Next' to proceed to the next page. If they are not correct and
    complete, answering 'no' will allow you to edit the fields and amend the property
    details as appropriate. 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 annual rent as the typical annual rent.
    Next, enter the amount of any premium paid on the grant of a lease, plus any additional
    premiums paid, or that are to be paid, since the last return was submitted.
    If you've entered an amount as a premium, you must 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 a tenant who is ultimately 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 check box inside the statement. You cannot submit
    and make an LBTT return without completing the 'declaration statement'.
    Once you've completed this statement, you'll be presented with one of three options.
    If additional tax is payable, you must enter the payment method from the
    drop-down list. Please note the option to pay by Direct Debit is only
    available for organisations who have signed up to it. Depending on which
    'payment method' you select 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. Please check that the bank details are correct before
    completing the declaration, confirming that the tenant have authorised repayment
    to be made to that bank account. Once you are satisfied that all of the details
    are correct, you can submit the return. Finally, if no further tax is payable, you
    can also proceed to submit the return. Once the return has been submitted, the
    existing rules and functionality around amending and printing a copy of the
    return apply to lease review returns in the same way that they do to the
    existing LBTT returns.
    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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