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Habeas Domus

Stamp Duty To Be Abolished In Scotland

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And replaced with a new tax: the Land and Buildings Transaction Tax (LBTT)

Property price

Rate

Up to £135,000

0

£135,001 - £250,000

2%

£250,001 - £1,000,000

10%

Over £1,000,000

12%

This was announced back in October, but I can't find any threads on it, probably buried by the referendum stuff.

At the moment, UK stamp duty land tax is levied at

0pc for homes worth up to £125,000;

1pc between £125,001-£250,000;

3pc between £250,001-£500,000;

4pc between £500,001-£1m;

5pc between £1m-£2m and 7pc above £2m.

A key difference is that the new Scottish LBTT tax is only on the value above the threshold, so it is slightly less insane than the current system.

http://www.moneysavingexpert.com/news/mortgages/2014/10/stamp-duty-bill-for-average-properties-in-scotland-to-be-slashed

The effect on business considering where to build large offices may be significant. This change may turn out to be good for individuals but bad for the Scottish economy.

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