Second Property Taxes

Mark_Leroy

Hi, my flat is not selling so I’m now looking at other options BTL Mortgage.

This would mean when I move I will have 2 properties, I have looked online but was hoping for some clarity on additional taxation’s land tax, second property tax and stamp duty, are these one in the same or all separate charges.

I reside in Scotland.

First property will be my BTL valued at 115k

Principle home 250k

Thank you in advance for any help.

davidmcn

You pay Land and Buildings Transaction Tax in Scotland (the devolved equivalent to what used to be Stamp Duty Land Tax and before that Stamp Duty), and it's the Additional Dwelling Supplement you'll be liable for on the purchase price of the new house. All explained on the Revenue Scotland website:

https://www.revenue.scot/land-buildings-transaction-tax/guidance/lbtt-legislation-guidance/lbtt10001-lbtt-additional-dwelling

scottishblondie

It’s pretty straightforward. You’ll be liable for the additional supplement at 4% on top of the standard LBTT. So that is a total £12.1k of LBTT - £2.1k standard and £10k additional.