Changes to Scottish Land Tax (LBTT)
The Scottish Government have announced in their 2021-22 budget on 28th January 2021 that the Land & Building Transaction Tax (LBTT) relief currently in place for all purchases up to £250,000 will end on 31st March 2021. This means that the normal LBTT bands will come back into force as of 1st April 2021.
For new purchasers since 15th July 2020 the relief has hightly signficant and seen them been up to save up to £2,100 on land tax, which has hugely benefit the market.
The previous First Time Buyers relief, which was temporarily suspended on 15th July 2020, will also come back on 1st April 2021. This covers any First Time Buyers purchasing up to £175,000 meaning that First Time Buyers will still be able to benefit from a tax relief of up to £600.
If you'd like to discuss your purchase options or how these changes may affect you going forward please get in touch with our office.
firstname.lastname@example.org or 01592 806045