Increase of ADS to 6%
Please see below guidance received from the Law Society of Scotland on 16th December 2022
"As announced in the Scottish Budget on 15 December, the rate of the Additional Dwelling Supplement (ADS) element of Land and Buildings Transaction Tax (LBTT) is to increase from 4% to 6% effective 16 December 2022.
As per the 2023/24 budget document published by the Scottish Government, the revised rate will apply to transactions settling on or after 16 December 2022, unless the contract was entered into (missives were concluded) on or before 15 December 2022. If a contract was entered into (missives were concluded) on or before 15 December 2022, the previous rate of 4% will apply. This, therefore, affects relevant transactions due to settle from today.
Any further updates can be found on the Revenue Scotland website."
For additional information or to discuss implications on an ongoing property purchase please contact our Dundee office on 01382 203000.
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