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Land And Buildings Transaction Tax
Land and Buildings Transaction Tax (LBTT) is a property tax in Scotland. It replaced the Stamp Duty Land Tax from 1 April 2015. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired. Under the Land and Buildings Transaction Tax (Scotland) Act 2013, a land transaction must be notified to Revenue Scotland unless it falls within one of the exempt categories contained in the Act. Revenue Scotland administers and collects LBTT with support from Registers of Scotland. Overview LBTT is usually paid by the solicitor on behalf of the buyer, as part of the administrative process to complete the conveyancing transaction, although final responsibility lies with the buyer. Submitting an LBTT return and making arrangements to pay the LBTT due is a prerequisite to applying for registration of title. LBTT is a progressive tax, with its structure designed so that the ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Tax
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheritance or gift and taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cabinet Secretary For Finance, Constitution And Economy
The Cabinet Secretary for Finance and the Economy, commonly referred to as the Finance Secretary, is a member of the Cabinet in the Scottish Government. The Cabinet Secretary has Ministerial responsibility for the Scottish Government's Finance Directorates. The finance secretary is supported by the Minister for Just Transition, Employment and Fair Work, Minister for Business, Trade, Tourism and Enterprise and Minister for Public Finance, Planning and Community Wealth. The post is currently held by Kate Forbes who replaced Derek Mackay on 17 February 2020. She is the first women to hold the position of office and was the first women to deliver the Scottish budget. History Following devolution in 1999, the Government of First Minister Donald Dewar instituted the position as the Minister for Finance, which was renamed the Minister for Finance and Local Government in the Government of Henry McLeish from 2000 to 2001. In the first Government of Jack McConnell, from 2001 to 200 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2015 Introductions
Fifteen or 15 may refer to: *15 (number), the natural number following 14 and preceding 16 *one of the years 15 BC, AD 15, 1915, 2015 Music *Fifteen (band), a punk rock band Albums * ''15'' (Buckcherry album), 2005 * ''15'' (Ani Lorak album), 2007 * ''15'' (Phatfish album), 2008 * ''15'' (mixtape), a 2018 mixtape by Bhad Bhabie * ''Fifteen'' (Green River Ordinance album), 2016 * ''Fifteen'' (The Wailin' Jennys album), 2017 * ''Fifteen'', a 2012 album by Colin James Songs * "Fifteen" (song), a 2008 song by Taylor Swift *"Fifteen", a song by Harry Belafonte from the album ''Love Is a Gentle Thing'' *"15", a song by Rilo Kiley from the album ''Under the Blacklight'' *"15", a song by Marilyn Manson from the album ''The High End of Low'' *"The 15th", a 1979 song by Wire Other uses *Fifteen, Ohio, a community in the United States * ''15'' (film), a 2003 Singaporean film * ''Fifteen'' (TV series), international release name of ''Hillside'', a Canadian-American teen drama *Fift ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Taxes
A property tax or millage rate is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or net wealth, taxes on the change of ownership of property through inheritance or gift and taxes on financial and capital transactions" (see: ), but this article only covers taxes on realty. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality. Multiple jurisdictions may tax the same property. Often a property tax is levied on real estate. It may be imposed annually or at the time of a real estate transaction, such as in real estate transfer tax. This tax can be contrasted to a rent tax, which is based on rental income or imputed rent, and a land value tax, which is a levy on the value of land, excluding the value of buildings and other improvements. Under a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing In Scotland
Housing in Scotland includes all forms of built habitation in what is now Scotland, from the earliest period of human occupation to the present day. The oldest house in Scotland dates from the Mesolithic era. In the Neolithic era settled farming led to the construction of the first stone houses. There is also evidence from this period of large timber halls. In the Bronze Age there were cellular round crannogs (built on artificial islands) and hillforts that enclosed large settlements. In the Iron Age cellular houses begin to be replaced on the northern isles by simple Atlantic roundhouses, substantial circular buildings with a drystone construction. The largest constructions that date from this era are the circular brochs and duns and wheelhouses. After the First World War, the government responded to urban deprivation with a massive programme of council house building. Many were on greenfield sites of semi-detached homes or terraced cottages. In the 1930s, schemes tended ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Scotland
Taxation in Scotland today involves payments that are required to be made to three different levels of government: to the UK government, to the Scottish Government and to local government. Currently 32.4% of taxation collected in Scotland is in the form of taxes under the control of the Scottish parliament and 67.6% of all taxation collected in Scotland goes directly to the UK government in taxation that is a reserved matter of the UK parliament. History Until the 17th century, taxation was regarded as 'an extraordinary source of revenue that was levied for a specific purpose such as the defence of the realm'. However, during the 17th century, Parliament permitted a Land Tax to be collected from 1667, a Hearth tax from 1691-1695 and a Poll tax from 1693-1699. The 1707 Union of the Kingdom of Scotland with the Kingdom of England formed a new Kingdom of Great Britain, so that responsibility for taxation in Scotland became a matter for the Westminster Parliament, now the legislatu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lease
A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use. The term rental agreement can refer to two kinds of leases: * A lease in which the asset is tangible property. Here, the user '' rents'' the asset (e.g. land or goods) ''let out'' or ''rented out'' by the owner (the verb ''to lease'' is less precise because it can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The National (Scotland)
''The National'' is a Scottish daily newspaper owned by Newsquest. It began publication on 24 November 2014, and was the first daily newspaper in Scotland to support Scottish independence. Launched as a response to calls from Newsquest's readership for a pro-independence paper in the wake of the 2014 Scottish independence referendum, it is a sister paper of '' The Herald'', and is edited by Callum Baird. Initially published on weekdays, a Saturday edition was added in May 2015. ''The National'' is printed in tabloid format, and is also available via online subscription. Details of its launch were announced on 21 November, with further information given at a Scottish National Party (SNP) rally the following day. It was launched on a five-day trial basis against the backdrop of a general decline in newspaper sales, with an initial print-run of 60,000 copies for its first edition, but this was increased the following day as a result of public demand, and Newsquest decided to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scottish Parliament
The Scottish Parliament ( gd, Pàrlamaid na h-Alba ; sco, Scots Pairlament) is the devolved, unicameral legislature of Scotland. Located in the Holyrood area of the capital city, Edinburgh, it is frequently referred to by the metonym Holyrood. The Parliament is a democratically elected body comprising 129 members known as Members of the Scottish Parliament (MSPs), elected for five-year terms under the additional member system: 73 MSPs represent individual geographical constituencies elected by the plurality (first-past-the-post) system, while a further 56 are returned as list members from eight additional member regions. Each region elects seven party-list MSPs. Each region elects 15 to 17 MSPs in total. The most recent general election to the Parliament was held on 6 May 2021, with the Scottish National Party winning a plurality. The original Parliament of Scotland was the national legislature of the independent Kingdom of Scotland and existed from the early 13th ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Rate
In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. There are several methods used to present a tax rate: statutory, average, marginal, and effective. These rates can also be presented using different definitions applied to a tax base: inclusive and exclusive. Statutory A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. Average An average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage. * Let t be the total tax liability. * Let i be the total tax base. ::= \frac. In a proportional tax, the tax rate is fixed and the average tax rate equals this tax rate. In case of tax brackets, commonly u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
