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Land and Buildings Transaction Tax
On the transfer of property in Scotland, the Land and Buildings Transaction Tax is:
Residential
| Consideration (£) | Rate (%) |
|---|---|
| 0 - 145,000 | 0 |
| 145,001 - 250,000 | 2 |
| 250,001 - 325,000 | 5 |
| 325,001 - 750,000 | 10 |
| Over 750,000 | 12 |
Non-residential
| Consideration (£) | Rate (%) |
|---|---|
| 0 - 150,000 | 0 |
| 150,001 - 350,000 | 3 |
| Over 350,000 | 4.5 |
The rates apply to the portion of the total value which falls within each band. Additional LBTT of 3% may apply to the purchase of additional residential properties.
The Scottish government is planning to introduce a new relief for first-time buyers for purchases of up to £175,000, subject to consultation. Where a property costs more than this amount, first-time buyers will benefit from relief on the portion of the price below the threshold.
As well as general accountancy and tax skills, we also have individual specialist skills which enable us to provide clients with a first class service as and when required. With our wealth of experience, we pride ourselves on delivering an unparalleled service to all clients, whatever their size or sector.
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