Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Transaction definition

What does Transaction mean? A transaction describes a legally binding dealing or arrangement by which assets, securities, services or obligations are created, transferred, varied or extinguished, whether as a single step or a series of steps. In practice this includes corporate acquisitions and disposals, real estate conveyancing, lending and taking security, restructurings, derivatives and other commercial dealings. In capital markets, a transaction commonly means the purchase, sale, subscription or underwriting of a particular investment. The term is a descriptive umbrella used across multiple legal contexts rather than a term with a single statutory meaning. Specific legislation, regulatory rules and contracts may define “transaction”...

UK devolved taxes in Scotland, Wales and Northern Ireland: administration, appeals, anti-avoidance, income tax, LBTT/LTT/LDT, aggregates and air departure tax, and forthcoming reforms

Published by a LexisNexis Tax expert

Practice notes

This PrACTice Note outlines existing, upcoming and possible devolved taxes and tax administration measures in: Scotland, Wales, and Northern Ireland. Where a devolved levy operates, it signposts to fuller guidance elsewhere in Practical Guidance. For a broad overview of devolution in Scotland, Wales and Northern Ireland, see Practice Note: An introduction to devolution in Scotland, Wales and Northern Ireland...

Devolution in Scotland

Tax administration and compliance

The Revenue Scotland and Tax Powers Act 2014 (RSTPA 2014):

creates Revenue Scotland (Scottish Gaelic: Teachd-a-steach Alba) within the Scottish Administration, operating independently of the Scottish Ministers
defines Revenue Scotland’s remit, covering the general role of collecting and administering devolved taxes and specific duties in relation to devolved taxes—excluding council tax and business rates; the devolved taxes are Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax—including: (1) providing information and help to the Scottish Ministers, taxpayers and others, (2) handling complaints and disputes, and (3) encouraging compliance and acting to guard against tax fraud and avoidance
obliges Revenue Scotland to issue, and keep under review, a charter setting out the standards of behaviour and values expected of Revenue Scotland...

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Web page updated on 22/05/2026

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