Scots tax authority raised £707m in past year

Scotland’s tax authority Revenue Scotland said it raised revenue of £707 million in Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) — the two taxes it collects — for the Scottish Consolidated Fund during 2017-18.

The increase in revenue was revealed in the tax authority’s 2017-18 Annual Report and Financial Statements which were published on Tuesday.

Revenue Scotland chairman Keith Nicholson, said: “We have seen a year-on-year increase in tax revenue to support public services and this increased by £74m, or 11.7%, in 2017-18 compared with the previous year, underlining the importance of devolved tax to support Scotland’s public finances …

“In addition, Revenue Scotland has seen an increase in revenue from tax compliance activities of more than £400,000 in the reporting period compared with 2016-17.

“We have also now completed our first three-year corporate plan and commenced delivery of the 2018-21 Corporate Plan.

“As we look to the future, we have drawn on the knowledge, expertise and experience gained in our first three years, and the views of our stakeholders, to ensure Revenue Scotland continues to further progress our record of an efficient and valuable tax authority, collecting and managing fully devolved taxes and serving Scottish taxpayers to the highest standards.”

The combined total of LBTT and SLfT transferred to the Scottish Consolidated Fund since Revenue Scotland began operating had reached £1.8 billion by March 31, 2018.