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LBBT - Plot + Build Linked Transactions?


FraserK

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We're in the process of finalising details with our builder for a plot + build on the Isle of Mull

We have engaged a solicitor to deal with the purchase of the plot of lot from the builder with associated Deed of Conditions etc.

We have agreed to contract directly with the same builder for the build of the house.

Question relates to LBBT because the cost of the plot + build will take us just over the £325k threshold - but hoping that it will be completed by 31st March 2021.

Does anyone know how this would be treated for LBBT i.e. 2 separate transaction or 1?

Also, as we're not using a solicitor for the build, do we have to do some form of self-declaration?

 

 

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Thanks for your replies. Just to clarify, we'll be using a solicitor for the purchase of the land only which will be under the LBBT threshold.

We will be contracting directly with the builder / developer for the house build - they are a very well established company with good reputation.

Having done a bit more research, it appears you make an online application/payment on the Revenue Scotland website. 

 

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