The Scottish Paralegal Association

Announcement of proposed rates and bands for LBTT

10 Oct

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The Cabinet Secretary for Finance, Employment and Sustainable Growth has announced the proposed rates and bands for Land and Buildings Transaction Tax (LBTT)  as part of his Draft Budget for 2015/16.  These are subject to parliamentary approval.

The Scottish Government has produced a set of tax calculators to provide taxpayers with an indication of their liability under LBTT which can be accessed on  the LBTT page on the Scottish Government website.

Revenue Scotland has been set up as the tax authority to administer the new devolved taxes.  It will become a Non Ministerial Department in early 2015.