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Stamp duty while owning land
DavidBrown1490
Posts: 1 Newbie
My partner and myself have just sold our house. We live in Scotland. We are planning on renting for a while before assessing the market next year and buying again. In the mean time I have been informed that I will inherit a small bit of farm land from my grandfather in N.Ireland.
My question is, if this farm land is in my name before we buy our next home will I have to pay additional stamp duty?
Thanks in advance.
My question is, if this farm land is in my name before we buy our next home will I have to pay additional stamp duty?
Thanks in advance.
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Comments
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They like to call it something different in Scotland - LBTT.
It appears from a quick skim that the additional rate only applies when you own more than one dwelling. So you should be fine. Anyway, it should all be there in the guidance on the website if you want to check for yourself.
https://www.revenue.scot/sites/default/files/LBTT Additional Dwelling Supplement Legislative Guidance - 16 March 2016_0.pdf
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