ARTICLE · 20 FEBRUARY 2015

Weekly Tax Update - Februrary 16th, 2015

Smith & Williamson

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A draft Scottish statutory instrument has been published setting out the Land & Buildings Transaction Tax (LBTT) rates and bands, as noted below, that come into effect on 1 April 2015.

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1 GENERAL NEWS

1.1 Scottish land & buildings transactions tax

A draft Scottish statutory instrument has been published setting out the Land & Buildings Transaction Tax (LBTT) rates and bands, as noted below, that come into effect on 1 April 2015.

www.legislation.gov.uk/sdsi/2015/9780111026359/pdfs/sdsi_9780111026359_en.pdf

1.2 Consultation on land transaction tax in Wales

The Welsh Government is asking for responses by 6 May 2015 to a consultation on replacing SDLT in Wales with a land transaction tax (LTT). The target date for replacement of SDLT in Wales by the Welsh LTT is April 2018.

In 2013/14 Wales accounted for 4.1% (51,600) of the SDLT returns submitted in the UK for transactions over £40,000, excluding exempt transactions, generating 1.5% (£145m) of the revenue. The average house price in Wales is £162k compared to £181k in Scotland and £242k for the UK.

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