1. What is Scottish Land Transaction Tax?

The Scottish Land Transaction Tax (LBTT) is a tax on property purchases in Scotland, replacing UK Stamp Duty Land Tax since April 2015. It applies to both residential and non-residential properties with different rate bands.

2. How Does the Calculator Work?

The calculator uses the current LBTT rates:

First-Time Buyers: Pay no tax on properties up to £175,000, with relief on portion between £175,001 and £250,000.

3. Importance of LBTT Calculation

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

4. Using the Calculator

Tips: Enter the property price in GBP, select property type and whether you're a first-time buyer. The calculator will show the estimated tax.

5. Frequently Asked Questions (FAQ)

Q1: Are there additional taxes for second homes?
A: Yes, an Additional Dwelling Supplement of 6% applies to second homes and buy-to-let properties over £40,000.

Q2: How does LBTT differ from English Stamp Duty?
A: LBTT has different rate bands and thresholds, generally starting at lower property values than in England.

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

Q4: Are there exemptions?
A: Certain transactions like gifts, transfers between spouses, or properties under £40,000 may be exempt.

Q5: Can I pay LBTT in installments?
A: No, LBTT must be paid in full within the 30-day period.