Scotland introduces relief for first time buyers

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).

According to the Scottish Parliament approximately 80% of first-time buyers will pay no LBTT once the LBTT First Time Buyer relief takes effect. The change sees the zero-rated LBTT threshold raised to £175,000 for first-time buyers. Those purchasing property at a higher value will have their tax reduced by a maximum of £600. The Scottish Parliament expect that around 12,000 first-time buyers will benefit each year.

Minister designate for Public Finance and Digital Economy Kate Forbes said:

‘From today, around 80% of first-time buyers will pay no LBTT, helping thousands of people across the country buy their first home.’

Internet link: GOV.SCOT news

Home | Contact us | Site map | Accessibility | Help | Disclaimer |

© 2024 Mayor Cuttle & Co. All rights reserved.


Mayor Cuttle & Co, Suite 7b Aquarium, 101 Lower Anchor Street, Chelmsford, Essex CM2 0AU
We use cookies on this website, you can find more information about cookies here.
powered by totalSOLUTION

ICAEW: Chartered Accountants sage one certified advisor logo

Registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work and also trading as William Evans & Partners