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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