The original UK Stamp Duty Land Tax (SDLT) was replaced in April last year by the Land and Buildings Transaction Tax (LBTT). The LBTT is a charge on land transactions in Scotland; in other words it’s the acquisition of a chargeable interest to elements such as the purchase of a house. The Scottish government has said that nine out of 10 taxpayers will be better or no worse off under the new system.
The LBTT is designed to work in a similar way to income tax; it is therefore now more proportional to the actual price of the property. Under the new system properties costing over £145,000 will be charged a percentage of tax based upon different thresholds. Must like income tax, the higher the price of the property, the higher the percentage of tax that has to be paid.
Use this handy online tax calculator to help you determine how much LBTT you are required to pay on your newly acquired residential or non-residential property: https://goo.gl/Uzb32i
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