We have made 2 improvements to our tax management system for Land Transaction Tax (LTT) returns.
In response to feedback, we have made two new changes to our tax management system this month. This effects the way you input information into 2 sections of the return.
Removal of the lease section
We have removed the ‘about the lease’ section from the LTT return from 1 March 2019 as this information is not required. LTT is still payable on leases and the necessary information is captured in the ‘about the calculation’ section of the LTT return.
We are not changing the filing window for LTT. This will remain at 30 days from the day after the effective day (usually the completion date).
Contract and effective date
In response to your feedback, we are introducing a new feature to cover the contract and effective date.
You will now be able to complete the LTT return in draft without a contract and effective date. This includes the tax calculation.
You will also be able to include a date in the future. This new feature will be available from 14 March.
We have also created a video to explain the changes.