Land and Buildings Transaction Tax
On 1 April 2015 Stamp Duty in Scotland was replaced by a new tax called Land and Buildings Transaction Tax (LBTT)
The LBBT bands are:
Portion of sale up to £145,000: No tax rate applies
Portion of sale between £145,000 and £250,000: 2% rate applies
Portion of sale between £250,000 and £325,000: 5% rate applies
Portion of sale between £325000 and £750,000: 10% rate applies
Portion of sale above £750,000: 12% rate applies
For more information on the new system and to calculate how much tax you will be liable to pay under LBTT visit the Revenue Scotland website.
From 1 April 2016, the purchase of second properties (including buy-to-let and holiday homes) will incur a levy of a further 3%.
For advice and your free market appraisal contact the Sales team in any of our offices.