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ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Scottish Budget – First Time Buyers
BLOG15th Dec 2017
First-time buyers in Scotland will no longer pay Land and Building Transaction Tax on properties costing up to £175,000. Finance Secretary Derek Mackay announced the move in yesterday’s Scottish draft budget, though the new relief it is not expected to be in force until after April 2018.
80% of first-time buyers in Scotland will pay no LBTT at all following the introduction of this relief.
However, many first-time buyers in Scotland will be disappointed with today’s announcement, given previous indications that the LBTT 10% rate band may be reviewed, and particularly in light of last month’s UK Budget which abolished Stamp Duty Land Tax on first homes worth up to £300,000 south of the border.
The main rates and bands for all other residential property purchases remain unchanged;
Purchase price
LBTT rate*
Up to £145,000
0%
£145,001 to £250,000
2%
£250,001 to £325,000
5%
£325,001 to £750,000
10%
Over £750,000
12%
*Additional Dwelling Supplement is also charged at 3% of the total price in addition to the rates above on all relevant transactions over £40,000, for example where second homes or buy-to-let properties are purchased.
The Scottish Government will consult on the new first-time buyer policy before introducing the relief in the 2018/19 tax year, and we will be reviewing this and publishing further information when it is available.
In the meantime, if you have any queries or concerns regarding LBTT please contact your usual AAB contact or email us at accountants@aab.uk.