27 May 2020
Guidance updated to reflect Coronavirus (Scotland) (No.2) Act 2020
Revenue Scotland has updated its guidance to reflect the changes resulting from the Coronavirus (Scotland) (No.2) Act 2020 which received Royal Assent on 26 May 2020.
The changes included in Schedule 4, Part 4 of the Act take effect from today (27 May 2020).
Under new legislation there will be an increase of 18 months to the period in which some buyers can dispose of a previous main residence and still be eligible for a repayment of the Additional Dwelling Supplement (ADS). This will result in some buyers having 36 months rather than 18 months to dispose of their previous main residence and still be eligible for a repayment of ADS.
The new measure will only apply to those buyers who purchased a new main residence prior to 25 March 2020, with an effective date for the purchase of between 24 September 2018 and 24 March 2020. Such buyers will have paid ADS and been unable to dispose of their previous main residence, but were still within the 18 month time limit to dispose of the previous main residence as at 25 March 2020.
More information on these temporary measures is available on the Revenue Scotland website.
Should you have any queries, please contact the Revenue Scotland LBTT team: firstname.lastname@example.org