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LBTT ADS Scotland
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Grba1283
Posts: 1 Newbie
Good afternoon,
Would just like to ask a question regarding LBTT ADS in Scotland.
So my partner and I are separating and the we own a home jointly. She is in the process of buying me out of my share of the mortgage and having me removed from it thus ending my financial interest in the property.
I also have a one bedroom flat that I have rented out for the past 15 years that has a tenant in it. I am not planning on selling this property or moving into it as don't want to evict the tenant and it's not big enough anyway with having kids etc.
Once I am bought out of my share in what is my main residence, my plan is to buy another property in the few months following this.
Am I right in saying that as long as the new property is for me to live eg replacing a main residence and I purchase that with 18 months of disposing of the old one that I am not liable for the ADS.
Would just like to ask a question regarding LBTT ADS in Scotland.
So my partner and I are separating and the we own a home jointly. She is in the process of buying me out of my share of the mortgage and having me removed from it thus ending my financial interest in the property.
I also have a one bedroom flat that I have rented out for the past 15 years that has a tenant in it. I am not planning on selling this property or moving into it as don't want to evict the tenant and it's not big enough anyway with having kids etc.
Once I am bought out of my share in what is my main residence, my plan is to buy another property in the few months following this.
Am I right in saying that as long as the new property is for me to live eg replacing a main residence and I purchase that with 18 months of disposing of the old one that I am not liable for the ADS.
0
Comments
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I assume you are not legally divorcing, therefore yours is an uncomplicated instance of, as you state, a time limit in which to replace the previous main residence
obviously you cannot have a financial interest in any intervening property you live in once you move out of the ex home before purchasing the new main home.
as from Aril 2024 the time limit is 36 months, not 18
The Additional Dwelling Supplement (ADS) | Revenue Scotland1 -
Now 3 years rather than 18 months.1
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