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LBTT/Additional Dwelling Tax Scotland
Isils
Posts: 11 Forumite
Looking for information with plain speak as I’m confused after reading the Revenue Scotland website.
We own a property overseas (18 years), not our main home but used for family holidays.
A couple of months ago we sold our house in Scotland and now staying with family until the market picks up (hopefully soon!)
We have a limited budget and trying to factor in if we definitely need to put aside a sum for LBTT tax.
We own a property overseas (18 years), not our main home but used for family holidays.
A couple of months ago we sold our house in Scotland and now staying with family until the market picks up (hopefully soon!)
We have a limited budget and trying to factor in if we definitely need to put aside a sum for LBTT tax.
I’m just looking for clarity here…as our main home has always been and always will be in Scotland do we pay 8% LBTT because of the overseas property?
Not looking to avoid paying our dues, just need confirmation we need to factor it into our house budget.
Thank you for reading.
Thank you for reading.
0
Comments
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No, assuming you don't spend too long shopping around, as you'll fall under the "replacing your main residence" relief - you just just need to make sure there aren't more than 36 months between settlement dates of your sale and purchase:
https://revenue.scot/taxes/land-buildings-transaction-tax/additional-dwelling-supplement-ads#ADSnotapply1 -
Is it not only 18 months in Scotland?0
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No, it was increased - see the link above.jennifernil said:Is it not only 18 months in Scotland?1 -
Good to know, only 18 months seemed unfair!0
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Thank you, very much appreciated.user1977 said:No, assuming you don't spend too long shopping around, as you'll fall under the "replacing your main residence" relief - you just just need to make sure there aren't more than 36 months between settlement dates of your sale and purchase:
https://revenue.scot/taxes/land-buildings-transaction-tax/additional-dwelling-supplement-ads#ADSnotapply0
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