- What is Land and Buildings Transaction Tax (LBTT)?
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LBTT is a charge on land transactions in Scotland in terms of the Land and Buildings Transaction Tax (Scotland) Act 2013 ("the Act").
- What is a land transaction?
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A land transaction is the acquisition of a chargeable interest, such as the purchase of a house. A land transaction must be notified to Revenue Scotland unless it falls within one of the exempt categories in Schedule 1 of the Act.
- What is the connection between LBTT and registration of title?
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An LBTT return must be submitted and payment of the LBTT due made to Revenue Scotland before the Keeper of the Registers of Scotland can proceed with registration of title.
- When did LBTT come into effect in Scotland?
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On 1 April 2015, LBTT replaced Stamp Duty Land Tax (SDLT) in Scotland for land transactions with an effective date of on or after 1 April 2015.
- What are the rates and bands for LBTT?
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The rates and bands for LBTT have now been approved by the Scottish Parliament and tax calculators are available to help taxpayers and agents determine LBTT due.
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