Nil Rate Band

Nil Rate Band

Finance Secretary Kate Forbes announced on 10 July 2020 that a temporary increase in the nil rate band for LBTT residential property transactions from £145,000 to £250,000 will be introduced with effect from Wednesday 15 July 2020 and remain in place until 31 March 2021..

 Purchase price

LBTT rate

 Up to £250,000

0%

 Above £250,000 to £325,000

5%

 Above £325,000 to £750,000

10%

 Over £750,000

12%

The revised rates and bands will only apply to transactions with an effective date on or after 15 July 2020.

Residential transactions for consideration of £40,000 or more will still require to be notified to Revenue Scotland even if no tax is due.

Rates for the Additional Dwelling Supplement (ADS) and non-residential LBTT remain unchanged.

If you have any questions, please contact Revenue Scotland by email: lbtt@revenue.scot

 

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