Revenue Scotland, Scotland’s devolved tax authority, collected £572 million in its first full year of operation — well ahead of expectations.
Revenue Scotland is responsible for the administration and collection of Land and Building Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) and revealed the total revenue raised when it published its 2015-2016 annual report and financial statements on Thursday.
The revenue collected is transferred to the Scottish Consolidated Fund for the delivery of public services in Scotland.
Finance Secretary Derek Mackay said: “That figure confirms the provisional estimate from June this year and is £74 million higher than initial estimates.
“The scale of the challenge of introducing the first Scottish taxes in more than 300 years should not be underestimated, and it’s encouraging to see this has been done so effectively.”
From April 1, 2015 to March 31, 2016, £425 million was collected through LBTT and £147 million from SLfT.
About 98% of the 115,000 tax returns received in 2015-16 were submitted through the new online Scottish Electronic Tax System (SETS).
Revenue Scotland chairman Dr Keith Nicholson, said: “The first full year of operation for Revenue Scotland has been hugely successful.
“Setting up Scotland’s devolved tax authority is no small feat and is a real testament to the hard work and dedication of the staff.
“I am particularly pleased that in its first year the organisation collected £572 million through the devolved taxes and established a robust online tax system which has already exceeded expectations and received widespread praise.
“These achievements are a clear signal to the Scottish taxpayer that Revenue Scotland is operating efficiently and effectively as Scotland’s devolved tax authority.”
In addition to the £572 million of tax collected, Revenue Scotland raised a further £311,000 during the 2015-2016 reporting period through penalties and interest.
£297,000 was raised for penalties including late registration, late returns and late payments. £14,000 was raised through interest from penalties charged.