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DATE: 2023-06-10
AUTHOR: John L. Godlee
Me and my partner are in the process of buying our first house. In Scotland, property transactions are subject to Land Tax[1]. Land Tax is calculated based on the property price and is based on tiers. The first 145k is free, then 145-250k is subject to 2% tax, 250-325k is 5% and so on. For first time buyers the tax free amount is raised to 175k.
1: https://www.gov.scot/policies/taxes/land-and-buildings-transaction-tax/
There are a few online Land Tax calculators[2], but I wanted something offline so I could automatically update the land tax amount depending on how much we choose to offer on the property we eventually go for.
2: https://revenue.scot/calculate-tax/calculate-property-transactions
I've uploaded the .xlsx spreadsheet to calculate the Land Tax here[3], in case it is useful for anybody else. You enter the property price, and whether you are eligible for first time buyers relief, and the spreadsheet calculates the total Land Tax payable.
3: /files/land_tax/scot_land_tax_calc.xlsx
I have updated the land tax calculator to be slightly more compact, and added it to a broader house purchase calculator[4], which I used when organising our house purchase. This method worked for me, but everybody has different circumstances, so it might not be useful for others.