The Scottish Budget 2020-2021, published on February 6, 2020, introduced changes to Land and Buildings Transaction Tax (LBTT) for non-residential leases.

Leases of non-residential property: tax rates and bands
A new rate of 2% will be payable where the net present value of the rent payable under the lease is above £2 million.

The revised rates and bands are as follows:
Up to £150,000 – 0%
£150,001 to £2 million – 1%
Above £2 million – 2%

When will the changes take effect?
The changes come into effect from February 7, 2020, for transactions taking place after that date. However, they will not apply to transactions where the effective date is on or after February 7, 2020 if the contracts for the land transaction have been entered into prior to February 6, 2020.

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