Starting threshold for Land and Buildings Transaction Tax raised to £250,000
The Cabinet Secretary for Finance announced recently that the starting threshold for Land and Buildings Transaction Tax (LBTT) for residential property transactions will be raised from £145,000 to £250,000 from 15th July 2020.
The new rates will be effective between 15th July 2020 and 31st March 2021 (inclusive) have been set as:
|Purchase price||LBTT rate|
|Up to £250,000||0%|
|£250,001 to £325,000||5%|
|£325,001 to £750,000||10%|
The starting threshold changes will also apply to transactions where the Additional Dwelling Supplement (ADS) applies, however ADS will still remain payable at 4% of the purchase price for any properties over £250,000.
The QuoteXpress platform has been updated to account for the new LBTT rates - ensuring that our platform continues to support conveyancing firms wishing to provide instant, accurate and transparent conveyancing quotations.
More information on the changes can be found on gov.scot.