Land and Buildings Transaction Tax (LBTT)

Land and Buildings Transaction Tax (LBTT) is a property tax in Scotland applied when buying land or buildings. It replaces Stamp Duty Land Tax and is calculated based on the property's purchase price, with different rates for various price bands. The higher the property's value, the higher the tax rate applied. LBTT is payable by the buyer at the time of settlement, and certain reliefs or exemptions may apply depending on circumstances. It is part of the Scottish government’s efforts to generate revenue from property transactions and support public services.