Are you buying a property in Scotland?
Then you'll probably have heard of the Land and Buildings Transaction Tax (LBTT), which is usually payable on new homes. However, now is a great time to buy a home in Scotland because it's just been announced by the Scottish government that 8 out of 10 homebuyers will pay no LBBT until 31 March 2021.
Homebuyers will soon be able to take advantage of reduced rates of Land and Buildings Transaction Tax (LBTT).
From Wednesday 15th July 2020, the threshold at which LBTT starts to be paid will rise from £145,000 to £250,000. The change will remain in place until 31 March 2021 and means that 8 out of 10 home buyers during this time will pay no LBTT.
Home movers buying a home costing more than £250,000 will save £2,100.
Land and Buildings Transaction Tax is usually payable on homes costing £145,000 or more and increases on a sliding scale.
You’ll usually pay tax on the part of the property price within each band, as shown in this table.
From Wednesday 15th July 2020, the LBBT threshold will change, which will reduce the amount of LBTT you pay.
Learn more here
The Scottish Government have created a handy calculator to help you work it out.
Take a look before you buy.
Go there now
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