New Land & Building Transaction Tax rates

The new Land & Buildings Transaction Tax rates were announced yesterday, applying from April 2015.

Finance Secretary John Swinney announced the rates, which have been changed from the rates we reported on in October 2014, with the changes stemming from a need to ensure better comparability with the Stamp Duty rates applying in England & Wales.

The new rates, applying to any house sales concluded after 1 April 2015, will be:-

• Sale price up to £145,000 – Nil
• Sale price from £145,001 to £250,000 – 2%
• Sale price from £250,001 to £325,000 – 5%
• Sale price from £325,001 to £750,000 – 10%
• Sale price over £750,001 – 12%

Please either contact Colin Brass or your usual property adviser at WJM if you have any queries on how LBTT might affect you.