Land and Buildings Transaction Tax
No LBTT payable on homes up to £250,000.
Plus, less to pay on higher priced homes.
As announced by the Scottish Government on 9th July 2020, the threshold for Land and Buildings Transaction Tax (LBTT) has increased to £250,000 for residential purchases up to 31 March 2021.
Homes purchased above £250,000 will also benefit from a saving as a consequence of the higher LBTT threshold. For example, LBTT on a home priced at £325,000 would now be £3,750 compared to £5,850 previously.
To benefit from the reduction in LBTT, home purchases must be complete by 31 March 2021.
Please discuss the projected completion date of the plot you are interested in with your sales executive.
Full information on LBTT, including a LBTT calculator, can be accessed on the Revenue Scotland website here.