The Scottish Finance Secretary, Kate Forbes, yesterday announced a temporary cut to the Land and Building Transaction Tax charged on house purchases and extra support for first-time buyers.
At present, the starting point for Land and Building Transaction Tax (LBTT) is to rise from £145,000 to £250,000. Miss Forbes said that this meant 80% of house sales in Scotland would be exempt from LBTT. The move follows in the footsteps of the Stamp Duty holiday on transactions in England and Northern Ireland.
It has been announced that the change will not come into force immediately for “administrative reasons” but Miss Forbes has said that it will be implemented as soon as possible.
Rest assured that the property team at Raeside Chisholm will stay abreast of all developments in this regard and will be able to update our clients.
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