The Scottish Government has commenced a Consultation on a proposed first time buyer’s relief from Land and Buildings Transaction Tax (LBTT) which was announced in the draft Scottish Budget 2018/19.The proposed first time buyer’s relief would raise the current LBTT threshold of £145,000 to £175,000 to first time buyers.
The Scottish Government have proposed that the relief would be available where:
The buyer is a natural person
A single dwelling is purchased for more than £145,000
The buyer is a first time buyer who has never had any “major interest” in a dwelling in Scotland or anywhere else in the world.
That the buyer intends to occupy the property as their main residence.
Under the current LBTT rules, anybody (first time buyers or otherwise) pays a proportion of LBTT on any purchases over £145,000.The Scottish Government have estimated that around 12,000 first time buyers would benefit from the proposed relief.Further, they estimate that approximately 80% of first time buyers would pay no LBTT whatsoever, taking into account the average purchase price of a first time buyer in Scotland.
Paris Steele has been providing a comprehensive legal service to the residents of East Lothian since 1926. We have offices in North Berwick and Dunbar and are proud to combine the highest quality of professional advice with first rate customer service. We understand the importance of getting to know you and our legal services will be individually tailored to meet your needs and resources. We are happy to act for both individuals and businesses. Our services are available to everyone and whilst our area of practice is limited to within Scotland we have clients from the whole of the UK and overseas.
We understand the importance of getting to know you and our legal services will be individually tailored to meet your needs and resources. We are happy to act for both individuals and businesses.
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