Find out how much tax you will pay on your property purchase. (Figures correct as of Sept 2016)
Since 1st April 2015 all properties sold in Scotland need to pay Land & Buildings Transaction Tax (LBTT), which replaced Stamp Duty Land Tax. LBTT is paid based on the following bands, however only the portion of the selling price above each threshold commands that tax rate.
The LBTT bands:
If you are buying a property at £260,000 you will pay tax as follows:
On the first £145,000 of your purchase you will pay 0% tax = £0
On the proportion between £145,001 and £250,000 you will pay tax at a rate of 2% = £2100
On the proportion between £250,001 and £260,000 you will pay tax at a rate of 5% = £500
The total tax bill = £2600
Because it can be quite confusing working out the tax bill using the various different bands we’ve developed a handy calculator to help! Simply enter the amount that you are purchasing at and we’ll quickly show you the amount of LBTT you’ll likely be paying.
TSPC is the trading name of TSPC Holdings Limited, a limited liability company registered in Scotland No 279747 and Tayside Solicitors Property Centre Limited, a limited liability company registered in Scotland No 279746. The Registered Office of both Companies is 9 Whitehall Crescent, Dundee DD1 4AR.
A list of members names is available for inspection at this address.