CIH Scotland has backed the Scottish Government’s proposed approach of reviewing Land and Buildings Transaction Tax (LBTT) to remove the Additional Dwelling Supplement (ADS) burden from local authorities acquiring homes 'off the shelf'.
The Scottish Government has published its response to the review of the 6% Additional Dwelling Supplement (ADS) with a consultation on proposed changes including one which will see councils no longer having to pay a tax on additional properties when buying affordable housing stock.
The Scottish Government's plan to increase the Additional Dwelling Supplement from 4% to 6% has been questioned by two SNP MSPs. Unveiled as part of the draft Budget, the increase, which is paid as part of Land and Buildings Transaction Tax (LBTT) on additional properties, is expected to r
The leader of the Scottish Conservatives, Douglas Ross, has outlined plans to increase the home building target to 25,000 properties per year and said councils should be able to vary Land and Buildings Transaction Tax (LBTT) thresholds to take into account higher local prices. The Scottish Cons
The Scottish Government must match Chancellor Rishi Sunak's reported extension of the stamp duty holiday beyond March if there is to be a level playing field in the property market from April to June, according to a property and lettings firm. David Alexander, joint chief executive officer
New research from Rettie & Co has revealed that Land and Buildings Transaction Tax (LBTT) returns were up 1.2% in 2019/20. The firm has also found that LBTT revenues had increased by 10% from the previous year, however, the future remains uncertain due to the severe impact of the coronavirus cri
The threshold at which Land and Buildings Transaction Tax (LBTT) is paid will be raised from £145,000 to £250,000 as the Scottish Government steps up efforts to support homebuyers and help the economy recover from the impact of coronavirus.
Penalties imposed by Revenue Scotland (RS) over the late filing of a land and buildings transaction tax (LBTT) return have been quashed after the tax agency failed to produce evidence that it had taken a decision to impose the penalties, as required by legislation.
Rodney Whyte By Rodney Whyte, partner and property and planning specialist at law firm Pinsent Masons
David Melhuish A seasonal upturn in property market activity has delivered a £57 million boost to Scottish Government revenues, generating the third highest monthly return since the Land and Buildings Transaction Tax (LBTT) was introduced.
The latest Land and Buildings Transaction Tax (LBTT) tax relief to first-time buyers is a positive change, especially in the current market conditions, according to estate agents. Effective from June 30, changes to the LBTT Scotland Act 2013 introduced tax relief for first-time buyers acquiring owne
Revenue Scotland updates online guidance and processes following introduction of First-Time Buyer Relief
Revenue Scotland has updated its guidance, systems and processes to allow First-Time Buyer Relief to be claimed from 30 June 2018. The updates follow the changes to the Land and Buildings Transaction Tax (Scotland) Act 2013 introduced by The Land and Buildings Transaction Tax (First-Time Buyer Relie
Shawn Wood The LBTT relief for first-time buyers, which came into force on June 30th, is the latest in a series of moves by the Scottish Government to help people get on the property ladder, but buyers will struggle to compete for properties in city centres in the current climate, says Shawn Wood.
First-time buyers will be helped to purchase their first home through a new tax relief which came into force at the weekend. Around 80% of first-time buyers will pay no tax as the Land and Buildings Transaction Tax (LBTT) First Time Buyer relief comes into effect. The change sees the zero-rated LBTT
Robin Mitchell As the third anniversary (April) of the introduction of Land and Buildings Transaction Tax (LBTT) approaches, Robin Mitchell offers a timely reminder of tenants’ responsibilities.