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.