Paying the penalty

Category: Taxation - Posted On: Oct 3 2018

Revenue Scotland recently released their 2017-18 Annual Report and Financial Statements, announcing an 11% increase in revenue for devolved taxes, Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT), from the previous year. They also announced that more than £1.7m of penalties were issued within the year – a 500% increase on 2016-2017 – reminding taxpayers of the cost of getting it wrong.

Our head of EQ Taxation, David Morrison, commented,

“In recent years, the cost of getting tax compliance wrong has rocketed meaning that the need for a highly competent and organised tax adviser has never been more important. Our clients delegate that responsibility to EQ and we view it as our job to give clients peace of mind.”

Some of the other areas highlighted in the Annual Report are:

  • Tax revenue to support public services have increased by £74m
  • An increase in revenue from tax compliance activities of more than £400,000 in the reporting period compared with 2016-17
  • £707m revenue raised in LBTT and SLfT taxes for the Scottish Consolidated Fund during 2017-18

You can read the full report here.

If you would like to discuss your own circumstances, require support or further information, please contact our tax team via or call your local office contact.