The Land and Buildings Transaction Tax (Tax Rates and Tax Bands) (Scotland) Amendment Order 2020

Scottish Statutory Instruments

2020 No. 24

Land And Buildings Transaction Tax

The Land and Buildings Transaction Tax (Tax Rates and Tax Bands) (Scotland) Amendment Order 2020

Approved by the Scottish Parliament

Made

at 2.15 p.m. on 6th February 2020

Laid before the Scottish Parliament

at 4.00 p.m. on 6th February 2020

Coming into force

7th February 2020

The Scottish Ministers make the following Order in exercise of the powers conferred by section 24(1) and paragraph 3 of schedule 19 of the Land and Buildings Transaction Tax (Scotland) Act 2013(1) and all other powers enabling them to do so.

Citation, commencement, application and interpretation

1.—(1) This Order may be cited as the Land and Buildings Transaction Tax (Tax Rates and Tax Bands) (Scotland) Amendment Order 2020 and comes into force on 7 February 2020.

(2) This Order has effect in relation to land transactions in relation to which the effective date is on or after 7 February 2020.

(3) In this Order, “the Order” means the Land and Buildings Transaction Tax (Tax Rates and Tax Bands) (Scotland) Order 2015(2).

Amendment of the Order – Rent

2.  Table C (Rent) of the schedule of the Order is amended as follows—

(a) in the third row (first tax band), in the second column after “£150,000” insert “ but not more than £2 million”,

(b) after the third row (first tax band), insert—

“second tax band

More than £2 million

2%”

Transitional provision

3.  This Order does not have effect in relation to any land transaction in relation to which the effective date is on or after 7 February 2020 if contracts for the land transaction have been entered into prior to 6 February 2020.

KATE FORBES

Authorised to sign by the Scottish Ministers

St Andrew’s House,

Edinburgh

At 2.15 p.m. on 6th February 2020

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the Land and Buildings Transaction Tax (Tax Rates and Tax Bands) (Scotland) Order 2015 to change the first tax band and to add in an additional tax band as set out in Table C (Rent) of the schedule of that Order.

(1)

2013 asp 11.

(2)

S.S.I. 2015/126, as amended by S.S.I. 2018/372.