The introduction of the Land and Buildings Transaction Tax (LBTT) to replace stamp duty is having an ‘eye-watering’ impact on the property market in certain parts of Scotland, according to a leading land and estate agent.
While a Scottish Government committee has hailed the introduction of LBTT in Scotland an ‘operational success’, Perthshirebased Bell Ingram says the market picture is a complex one, with a range of effects being reported, including one buyer who has had to pay £130,000 in property taxes.
Bell Ingram’s role as a national land and estate agency firm means it is able to provide a unique perspective on the varied outcomes of the tax, informed by a wide network of agency offices across the country.