Most SETS users will by now have accessed the new online LBTT system known as SETS2. Whether that has been a smooth transition for your firm or a clunky one, there are certainly changes to the system which were unforeseen and have created disruption.
The Corporate Tax & Incentives team at Brodies has been liaising with Revenue Scotland, along with other Scottish firms, to discuss issues with SETS2. Revenue Scotland has indicated it is eager to rectify critical issues as quickly as possible.
The practical reality is that property or corporate transactions will not slow down because of a hiccup in the relevant tax collection system: the roll out of SETS2 is just one more matter that canny practitioners will need to take in to account.
Through conversations with Revenue Scotland, and a trial-and-error approach to SETS2, we have collated the below table of issues and workarounds to apply while the issues with SETS2 are ironed out.
SETS2 – Practical Tips and Tricks for Navigating the New System