New Scottish property transaction tax.

As from today a new Scottish tax will be introduced that will replace the UK property stamp duty tax, it is named the Land and Buildings  Transaction Tax (LBTT), this comes about following the introduction of new devolved powers contained in the Scotland Act 2012.

This will be the first tax to be introduced by the Scottish Parliament in 300 years, the Land and Buildings  Transaction Tax  will employ the graduated tax method as is used with income tax.

The rates are broken down into 5 bands similar to the UK stamp duty tax on property, Finance Secretary John Swinney is reported as saying that  the new tax rates will see 50% of all household transactions paying no tax and more than 40,000 buyers paying less on the purchase of a new home.

The rate bands for both LBTT and UK stamp duty rates are now as follows.

LBTT band rates in effect from today

Up to £145,000 – 0%

£145,001 to £250,000 – 2%

£250,001 to £325,000 – 5%

£325,001 to £750,000 – 10%

£750,001 and over – 12%

UK stamp duty rates from December 2014

Up to £125,000 – 0%

£125,001 to 250,000 – 2%

£250,001 to £925,000 – 5%

£925,001 to £1.5m – 10%

£1.5m and over – 12%

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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