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When you buy a residential property in Scotland over a certain price you have to pay the Land and Buildings Transaction Tax (LBTT).
The tax is administered by Revenue Scotland, with support from Registers of Scotland (RoS). Theoretically you have one month to pay, however in practice LBTT is effectively 'paid' on settlement. The solicitor has to be 'in funds' to cover the purchase price and any LBTT liability before the transaction can settle as they are unable to register the title until LBTT is paid. The actual payment is made by the solicitor from the funds provided to them by the buyer. The buyer does not make the payment direct.
If you're buying in England and Northern Ireland you will pay stamp duty land tax.
No tax is charged on properties under £145,000.
Buyers don’t pay tax on the first £145,000. They they pay 2% on the remaining property price.
Buyers don’t pay tax on the first £145,000. They then pay 2% on the portion of the price between £145,001 and £250,000 and then 5% on the portion of the price between £250,001 and £325,000.
Buyers don’t pay tax on the first £145,000. They then pay 2% on the portion of the price between £145,001 and £250,000, then 5% on the portion of the price between £250,001 and £325,000, then 10% on the portion of the price between £325,001 and £750,000.
Buyers don’t pay tax on the first £145,000. They then pay 2% on the portion of the price between £145,001 and £250,000, then 5% on the portion of the price between £250,001 and £325,000, then 10% on the portion of the price between £325,001 and £750,000, then 12% on the portion of the price that is £750,001 and over.
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