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The Scottish government is consulting on proposed changes to the land and buildings transactions tax (LBTT) additional dwelling supplement (ADS).
Proposals include:
- Extending the timeline from 18 to 36 months for buying a new main residence after disposing of a previous main residence; disposing of a previous main residence after purchasing a new main residence; and considering whether a property was a buyer's only or main residence in the period before the purchase of a new main residence.
- Disregarding properties inherited post-conclusion of missives on the purchase of a new main residence for the purposes of the ADS.
- In the context of deemed ownership provisions disregarding property shares from consideration for ADS where the individual taxpayer's share value is less than £40 000.
- Providing relief from the ADS on purchase of a main residence where an interest in a previous main residence (PMR) is required to be retained by...
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