LBTT Changes in Scotland
The Scottish government has announced that from 15th July they are increasing the nil rate band for Land and Buildings Transaction Tax (“LBTT”) from £145,000 to £250,000.
This means that if the date of entry for your property purchase falls between 15th July 2020 and 31st March 2021 you will not pay any LBTT on a property up to the value of £250,000.
LBTT on properties above £250,000 will be charged at 5% and any Additional Dwelling Supplement (ADS) will still apply if you own another property and are not replacing your main residence. This will apply to all purchases whether you are a first-time buyer or not.
It is hoped that these measures along with additional funding through the First Home Fund will support the recovery of the market and assist many people to move home during this difficult period.
Get in contact with our conveyancing solicitors in Paisley and Renfrew today if you would like more information.
