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Revenue Scotland updates LBTT guidance

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Revenue Scotland has updated its land and buildings transaction tax (LBTT) guidance to reflect the changes resulting from the Land and Buildings Transaction Tax (Tax rates and Bands etc) (Scotland) Amendment Order, SSI 2018/372, which was approved by the Scottish Parliament on 23 January.

Revenue Scotland has updated its land and buildings transaction tax (LBTT) guidance to reflect the changes resulting from the Land and Buildings Transaction Tax (Tax rates and Bands etc) (Scotland) Amendment Order, SSI 2018/372, which was approved by the Scottish Parliament on 23 January.

The changes, which take effect from 25 January 2019:

  • reduce the lower rate of non-residential LBTT from 3% to 1%;
  • increase the upper rate of non-residential LBTT from 4.5% to 5%;
  • reduce the starting threshold of the upper rate of non-residential LBTT from £350,000 to £250,000; and
  • increase the additional dwelling supplement rate from 3% to 4% (payable on purchases of second residential dwellings of £40,000 or over).

See bit.ly/2RQf86V.

Revenue Scotland has also published a statistical breakdown of residential LBTT by local authority area for the first time since it began collecting the tax. The figures are included in Revenue Scotland statistics: annual summary of trends in the devolved taxes (bit.ly/2DIXzgy).

Issue: 1429
Categories: News
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