This follows the announcement by Kate Forbes MSP, Cabinet Secretary for Finance on 9 July where the threshold was raised from £145,000 to £250,000. The revised rates and bands will only apply to transactions with an effective date on or after 15 July 2020.
Rates for the Additional Dwelling Supplement (ADS) remain unchanged, however, any residential transactions for consideration of £40,000 or more will still require to be notified to Revenue Scotland even if no tax is due.
The rates for non-residential LBTT remain unchanged.
LBTT rates from 15 July 2020 to 31 March 2021
|Purchase Price||LBTT Rate|
|Up to £250,000||0 per cent|
|£250,000 to £325,000||5 per cent|
|£325,000 to £750,000||10 per cent|
|Over £750,000||12 per cent|
Today's announcement demonstrates Propertymark’s continued discussions and work with Governments to find ways to boost the property market. We are pleased that this latest campaigning success follows our other successful work on business rates relief, commission in furloughed pay, and other support for the industry as the economy reopens.