1. What is LBTT?

LBTT (Land and Buildings Transaction Tax) is a tax applied to property purchases in Scotland. The rates differ for residential and non-residential properties.

2. How Does the Calculator Work?

The calculator uses the current LBTT rates:

Where:

• Residential properties have different tax bands
• Non-residential properties have different rates
• First-time buyers may have different thresholds

Explanation: The calculator applies the appropriate tax bands based on property value and type.

3. Importance of LBTT Calculation

Details: Accurate LBTT calculation helps buyers budget for property purchases and understand their tax obligations.

4. Using the Calculator

Tips: Enter the property value in GBP and select whether it's residential or non-residential. The calculator will compute the LBTT due.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between residential and non-residential LBTT?
A: Residential properties are homes, while non-residential includes commercial properties. They have different tax rates and bands.

Q2: Are there any LBTT reliefs available?
A: Yes, first-time buyers may qualify for relief, and there are other reliefs for specific circumstances.

Q3: When is LBTT due?
A: LBTT must normally be paid within 30 days of the transaction completion date.

Q4: Does LBTT apply to properties below a certain value?
A: Yes, there's a nil-rate band below which no LBTT is due (currently £145,000 for residential).

Q5: How often do LBTT rates change?
A: Rates are typically reviewed annually in the Scottish Budget, but can change at other times.