Posted on Feb 25, 2015 by Helen McGrath | Tags: LBTT, property law, stamp duty land tax, Scotland, Land and Buildings Transaction Tax | 0 Comments
Following a surprise review by the UK Government of the Stamp Duty Land Tax rates, the Scottish Government has revised the rates which will apply to Land and Buildings Transaction Tax on residential , which will replace SDLT north of the border from 1st April 2015.
The new rates for Residential Properties are:-
- Up to £145,000 Nil
- £145,001 to £250,000 2%
- £250,001 to £325,000 5%
- £325,001 to £750,000 10%
- £750,001 and upwards 12%
The rates for Commercial Property remain unchanged at:-
- Up to £150,000 0%
- £150,001 to £350,000 3%
- £350,001 and upwards 4.5%
See our previous blog
for details of how LBTT will apply to leases.
If you have any questions about the new Land and Buildings Transaction Tax or how it will affect you, please contact a member of the MBM Commercial LLP Property Team