Scotland: land and buildings transaction tax

The Scottish Government has announced that the land and buildings transaction tax nil-rate band for residential property transactions will temporarily be increased from £145,000 to £250,000. The increase is introduced with effect from Wednesday 15 July and will remain in place until 31 March 2021. Legislation to effect the changes is expected to be laid before the Scottish Parliament imminently (the Parliament is in recess, but due to sit on Thursdays). The Scottish Government’s press release also notes that ‘the rates for the Additional Dwelling Supplement and non-residential LBTT remain unchanged’.