Revenue Scotland annual report shows £54m LBTT shortfall
Tax collected by Revenue Scotland rose in 2016-17 compared with the previous year, but fell short of estimates made when the Budget Act was passed, its annual report for 2016-17 reveals.
While receipts from Scottish landfill tax were £16m ahead of the estimate, at £149m compared with £133m (and £147m in 2015-16), land and buildings transaction tax revenue came to £483.6m compared with the forecast £538m, though was up from the £425m taken in the previous year.
Along with penalties and interest of £342,000 (up from £312,000), total receipts came to £633m compared with the estimated £671m (£572m in 2015-16).
The authority's costs were also below budget, at £4.5m compared with £5.2m, and down by £145,000 on the previous year.
The report also states that 98.8% of tax returns were made online, and 93.1% of payments were on time (99.6% within three months).
Revenue Scotland chairman Dr Keith Nicholson commented: “The total tax collected in 2016-17 shows an increase of over 10% compared to our first operating year, contributing even more to Scotland’s public services.
“An important milestone was also reached, with the amount of tax collected by Revenue Scotland in its first two years of operating exceeding £1bn. The total transferred to the Scottish Consolidated Fund between 1 April 2015, when operations began, and 31 March 2017 was £1.15bn.”
He added: “Revenue Scotland strives to provide an efficient and effective service to Scotland’s taxpayers. The figures released in our annual reports today highlight that Scotland’s tax authority is an efficient and effective organisation that continues to deliver value for money.”