Jan 22, 2015
Yesterday (21st January 2015) saw an announcement by Deputy First Minister John Swinney who made changes to his original Land and Buildings Transaction Tax plans announced last October.
From 1st April the new rules will be as follows:
Property purchases up to £145,000 will pay no LBTT.
£145,000 - £250,000 will pay 2%
£250,000.01 - £325,000 will pay 5%
£325,000.01 - £750,000 will pay 10%
Properties over £750,000 will attract an LBTT rate of 12%
While this is great news for buyers up to £145,000 any buyer making a purchase over £325,000 will see their LBTT rate increase quite substantially.
The following links are helpful calculators so you can see your liability
Now is the time to get your property onto the market if you want to avoid these increased rates in your onward purchase – call us to discuss your sale.