Changes to the Land and Buildings Transaction Tax (LBTT) rates and thresholds

This article on changes to LBTT rates and thresholds by Tim Macdonald from our Rural team features in the next edition of Land Business, Scottish Land and Estates quarterly magazine.

January saw significant changes to Land and Buildings Transaction Tax (LBTT) rates and thresholds, the first since the tax came into force in 2015. The changes took effect on 25 January 2019 and apply to:

1. transactions where Additional Dwelling Supplement (ADS) is payable

2. non-residential property transactions where a lump sum changes hands (e.g. a purchase, or a lease where a premium is paid).

However, if missives were concluded before 12 December 2018 (the day the change was announced), the old rates will apply. Residential property transactions where no ADS is payable are not affected by the changes.

View entire article here.