Land And Building Transaction Tax And First-Time Buyer Relief
The Scottish government announced that they will introduce a new Land and Buildings Transaction Tax (LBTT) relief for first-time buyers of properties up to ¬£175,000.
The relief will raise the zero tax threshold for first-time buyers from ¬£145,000 to ¬£175,000, and according to the Scottish government 80% of first-time buyers in Scotland will pay no LBTT at all. The Scottish government also announced that first-time buyers buying a property above ¬£175,000 will also benefit from the relief on the portion of the price below the threshold.
The Scottish government announced that they will launch a consultation on the policy before introducing the first-time buyer relief in 2018/19. The relief for first-time buyers paying Stamp Duty Land Tax on first homes in the rest of the UK was introduced from 22 November 2017.
Internet link:¬†GOV.SCOT publication