Stamp Duty/LBBT on Purchase Price or Home Report Value?

Diascia

Hi, normally a lurker however googling has not provided a simple answer me so was hoping someone help.


We are in Scotland and looking at selling our house and moving. Our Estate Agent advises that in our area houses generally sell for less than the home report value. If that is the case what is the Stamp duty/LBBT (as in Scotland) calculated on- the price you pay or the home report value?


For instance (though above our price range), there is a house locally with a home report value of £350k however fixed price of £310k to sell - Depending on which value is taken tax could be £5.1k vs £8.35k (based on post-April purchase and new LBBT).


Thanks

Pixie5740

SDLT/LLBT is calculated on the purchase price, not the home report value.

Annie1960

In England SDLT is paid on the actual sale price, the one that goes through the Land Registry. Not sure about Scotland.

Diascia

Thanks. Was as I had hoped.

googler

Paid on your purchase price

It's LBTT, not LBBT, so maybe that's why google failed you

Diascia

Thanks. Too many acronyms to remember to get them right all the time!.


Most of the websites seem to say purchase price too however based on a property we are interested in, my Solicitor had suggested it would be based on the home report value so I will ask him to clarify.

googler

Diascia wrote: »

Most of the websites seem to say purchase price too however based on a property we are interested in, my Solicitor had suggested it would be based on the home report value so I will ask him to clarify.

Your solicitor is poorly informed. Tell him to read the legislation.

http://www.legislation.gov.uk/asp/2013/11/schedule/2

"The chargeable consideration for a transaction is, except as otherwise provided, any consideration in money or money's worth given for the subject-matter of the transaction, directly or indirectly, by the buyer or a person connected with the buyer."