LBTT threshold raised to £250,000
Great news for home buyers, you will now pay zero Land and Buildings Transaction Tax on any home that costs up to £250,000 in Scotland.
Following the announcement by the Scottish Government, LBTT is now only payable on homes over £250,000. It means that on a home priced less than £250,000, you'll pay no LBTT at all.
This not only applies to first time buyers but also to those who already own a property and want to move up the ladder or those looking for a second home*.
For the average buyer purchasing a £250,000 home, we've estimated it will save them £2,100 in LBTT.
In addition, an extra £50m is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property, this combined with current low interest rates of just 0.1% - now is a great time to buy and you could own a new home sooner than you think!
*These changes apply to purchases in Scotland.