Lets Process in brief

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LBTT Scottish stamp duty surcharge to increase to 4%

LBTT Scottish stamp duty surcharge to increase to 4%

There was bad news for buy-to-let landlords in Scotland yesterday when the Scottish Finance Secretary Derek Mackay proposed a 1% hike on the tax payable when acquiring an additional property north of the border.

Mackay set out his plans for tax and spending for the year ahead at Holyrood yesterday, as part of the Scottish Budget, which included a proposal to increase the surcharge buy-to-let landlords and second home buyers pay on Land Building Transactions Tax (LLBT) from 3% to 4%.

If the proposal is given the go-ahead by the Scottish Parliament, the rate hike will be introduced from 25 January 2019.

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