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“And so it goes on … and on ….!”

Just as we were all coming to terms with the new Land and Buildings Transaction Tax (LBTT), which will come into effect under new Scottish devolved powers on 1st April 2015, and clients were planning and budgeting accordingly, out of nowhere and with immediate effect the Chancellor, in his Autumn Budget Statement on 3rd December 2014, made fairly dramatic and significant changes to our existing Stamp Duty Land Tax (SDLT) and which will continue to affect Scottish property until LBTT ‘kicks in’ from 1st April 2015.

The new thresholds for SDLT are as follows:-

0% up to £125,000

2% up to £250,000

5% up to £925,000

10% up to £1.5 million

12% above £1.5 million

 

Previously they stood at 1% above £125,000; 3% above £250,000; 4% above £500,000; 5% above £1 million and 7% above £2 million.

From 4th December 2014 (and in Scotland until 1st April 2015) the slab style system has been axed and a new progressive ‘income tax style’ system introduced.

We are happy to talk though with you the implications these new and unanticipated rates may have on market conditions as we enter into the early part of 2015.

Patricia J. Gray

Partner

 

15 December 2014

PLEASE SEE BELOW FOR ILLUSTRATIVE GUIDE TABLE

 

Purchase Price

Land and Buildings Transaction Tax

Stamp Duty Land Tax

(pre Autumn Statement 2014)

Stamp Duty Land Tax

With effect from 4th December 2014) 

£135,000

0

£1,350

£200

£200,000

£1,300

£2,000

£1,500

£250,000

£2,300

£2,500

£2,500

£275,000

£4,800

£8,250

£3,750

£300,000

£7,300

£9,000

£5,000

£325,000

£9,800

£9,750

£6,250

£350,000

£12,300

£10,500

£7,500

£375,000

£14,800

£11,250

£8,750

£400,000

£17,300

£12,000

£10,000

£450,000

£22,300

£13,500

£12,500

£500,000

£27,300

£15,000

£15,000

£700,000

£47,300

£28,000

£25,000

£800,000

£57,300

£32,000

£30,000

£900,000

£67,300

£36,000

£35,000

£1,500,000

£137,300

£75,000

£93,750

£3,000,000

£317,300

£210,000

£273,750

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