The Act Part 6 – Tax Returns, Enquiries and Assessments Duty to keep and preserve records: further provision Section 81 – Further provision: land and buildings transaction tax
118.This section applies to LBTT and sets out that the Scottish Ministers may make regulations (subject to affirmative procedure) to specify records and supporting documents that a buyer must keep and preserve in relation to land transactions that do not have to be notified. A land transaction may not initially be notifiable under the LBTT(S)A 2013, but it can become notifiable later, for instance where a lease continues after the end of its original term.
119.Regulations under this section may apply the provisions in sections 74 to 79 (concerning a taxpayer’s duty to keep and preserve records and the associated penalty for failing to comply with the duty) to a buyer in a land transaction that is not notifiable. Any expressions used in this section and in LBTT(S)A 2013 have the meaning given in that Act.