The new thresholds for the Scottish equivalent of stamp duty come into effect today - a week after the SDLT holiday was announced for England and Northern Ireland.
The Scottish Government initially suggested it may not change the thresholds for its Land and Building Transaction Tax, claiming it already more progressive than stamp duty in England.
However, Revenue Scotland has confirmed that the new rates will take effect from today and run, as with the stamp duty holiday, until March 31 next year.
The revised rates and bands will only apply to transactions with an effective date on or after July 15.
The new rates are:
- Purchase price up to £250,000 - no LBTT;
- Above £250,000 to £325,000 - five per cent LBTT;
- Above £325,000 to £750,000 - 10 per cent LBTT;
- Over £750,000 - 12 per cent LBTT.
The additional homes four per cent surcharge remains unchanged*.
(* This was originally stated as three per cent - thanks to the reader who pointed out this error. The surcharge rose to four per cent last year.)