Land and Buildings Transaction Tax

14 October 2015 Property Law Wright & Crawford Solicitors and Estate Agents

On purchase of a property a purchaser requires to pay Land and Buildings Transaction Tax (LBTT), which was formerly known as Stamp Duty, on the purchase price.

This is now payable to Revenue Scotland rather than the Inland Revenue and payment of this will be dealt with by your solicitor on completion of your purchase.

On 1st April 2016 a new additional tax was introduced in both Scotland and England & Wales providing for an additional Dwelling Supplement of 3% of the purchase price to be paid if you are purchasing an additional residential property of £40,000 or more. This additional payment should be borne in mind if you are thinking of buying a buy to let property or a second home. We are happy to provide more advice on this if required- please contact Caroline Watt on This email address is being protected from spambots. You need JavaScript enabled to view it.