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ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Scottish Budget Update – LBTT Additional Dwelling Supplement (“ADS”) To Increase
BLOG13th Dec 2018
Finance Secretary Derek Mackay has proposed increasing the rate of ADS from 3% to 4% which, if approved by the Scottish Parliament, will take effect from 25 January 2019.
ADS was first introduced from April 2016 to increase the cost of Land & Buildings Transaction Tax (“LBTT”) payable on the purchase of additional dwellings in Scotland, such as buy-to-let properties and second homes.
ADS applies to most purchases for over £40,000 of additional dwellings by individuals in Scotland, although relief is available where the buyer is replacing their main residence. It also applies to the majority of purchases of residential property in Scotland by companies, partnerships, and certain trusts.
The impact of these proposed changes is illustrated below;
Example: ADS on a holiday home purchased for £250,000
25 Jan 2019
Where the date of purchase is on or after 25 January 2019 but the contract was entered into prior to 12 December 2018, the current ADS rate of 3% will continue to apply for.
For more information, contact Derek Mitchell (derek.mitchell@aab.uk) or your usual AAB Advisor.