As you may be aware, Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) in Scotland from 1 April 2015. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.
Revenue Scotland will administer LBTT with support from Registers of Scotland (RoS).
A progressive tax
The structure of LBTT is designed so that the charge is more proportionate to the actual price of the property. The percentage rate for each band in LBTT is applied only to the part of the price over the relevant threshold and up to the next threshold. LBTT Rates & Bands detailed below