The Finance Secretary, Kate Forbes, has indicated that a tax cut for Scottish homebuyers will end as planned on April 1st, despite an extension in the Westminster budget. The starting point for Land and Building Transaction Tax (LBTT) was increased during the first lockdown. Unlike the position in England however, this is not going to be extended to mirror the Stamp Duty cut extension in England and Northern Ireland, on the basis that the cut has already “achieved” its goal of supporting the recovery of the residential property market.
It would be fair to say that the impact of the LBTT cut was not as radical as in England and particularly with first time buyers, the costs in Scotland are not as great.
If you any queries, please do not hesitate to contact our property team.
