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Stamp Duty Makes Way for Land and Building Transaction Tax

As mentioned in our last blog on April 1st 2015 Land and Building Transaction Tax will be introduced to phase out Stamp Duty land tax under a new Act expected to pass in the Scottish Parliament next year. 

Changes Under the New Tax

The new Land and Building Transaction Tax Scotland 2013 Act provides a clear definition between a residential and non-residential property. The bill also establishes guidelines for a property to be a “residential property transaction” with the land in question having to be suitable for use as a dwelling, or be in the process of being adapted as a property.

Change in rates

The bill, if passed, will see a change in the band and tax rates when purchasing both residential and non-residential land, with a non-residential purchase of £350,000 or more having a tax rate of 4.5%. Rates in residential property will see all properties under £135,000 having a tax rate of 0%. On the other end of the spectrum, a property of over a £1 million will see charges of at least a 12% tax rate

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