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What is LBTT? Scotland's Stamp Duty debunked
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In this week's episode of ESPC's First-timers Club we are talking about LBTT (Land & Buildings Transaction Tax) with Gavin Pearson, a solicitor at Mov8 Real Estate.
It's likely you may have heard of Stamp Duty - a tax payable on the purchase of a property, but do you know what LBTT is? LBTT is Scotland's version of Stamp Duty.
During this episode Gavin debunks what LBTT is, how it is paid and how to determine how much you LBTT you will pay on a home.
You can calculate this using our ESPC LBTT calculator.
CHAPTERS:
0:00-1:05 Intro
1:05-2:00 What is LBTT? (and how is it different to Stamp Duty?)
2:00-3:06 Calculating the amount of LBTT due
3:06-3:58 Tax relief for first-time buyers in Scotland
3:58-5:50 How does LBTT apply to new builds or shared ownership properties?
5:50-7:07 When is LBTT due and who makes the payment?
7:07-8:44 What should first-time buyers consider when budgeting for LBTT?
8:44-10:48 LBTT for different price points
Find your first home on https://espc.com
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To find out more about ESPC and our solicitor estate agent member firms, you can head to our website.
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Luvut
1. Intro (00:00:00)
2. What is LBTT? (and how is it different to Stamp Duty?) (00:01:05)
3. Calculating the amount of LBTT due (00:02:00)
4. Tax relief for first-time buyers in Scotland (00:03:06)
5. How does LBTT apply to new builds or shared ownership properties? (00:03:58)
6. When is LBTT due and who makes the payment? (00:05:50)
7. What should first-time buyers consider when budgeting for LBTT? (00:07:07)
8. LBTT for different price points (00:08:44)
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