The Scottish Government has announced that home buyers in Scotland will not pay Land and Buildings Transaction Tax (LBTT) on properties sold for less than £250,000.
Currently, home buyers pay LBTT on any home over the value of £145,000, unless they are a first-time buyer, for which the cap is £175,000. The new threshold will be in place from today, 15 July 2020, until 31 March 2021 and as long as the chosen property is due to complete within this time frame, Story Homes customers at Pentland Reach in Biggar can start benefiting from this change now.
Based on a house purchase price of £250,000, you would save £2,100 in LBTT. This saving will help more people to move along the property ladder and enable first-time buyers to opt for a larger house of a higher value, without the added cost of LBTT.
To find out more about LBTT you can get in touch with our Sales Executive at Pentland Reach to discuss what buying options are available to you and the savings you could make – you can find their contact details here.