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Proposed LBTT supplement on additional residential homes

In the Draft Budget 2016-17 the Deputy First Minister and Cabinet Secretary for Finance, John Swinney, announced that the Scottish Government will introduce legislation which, if passed by the Scottish Parliament, will introduce a Land and Buildings Transaction Tax (LBTT) supplement from 1 April 2016 on purchases of additional homes in Scotland over £40,000.  The supplement will be 3% of the total property price (not just the proportion of the price above £40,000) and will be in addition to the LBTT charge that currently applies to residential property purchases in Scotland.  In our response to the call for evidence we have questioned the speed of implementation and have in particular sought clarity around what reliefs will be available.

 

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