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Land and Buildings Transaction Tax (LBTT) is a fixed sum of money paid to the government upon purchase of freehold property or land. The government has now increased the LBTT threshold from £145,000 to £250,000 for purchases in Scotland, saving you up to £2,100 on a home worth £250,000.
Anyone purchasing a property below £250,000 in Scotland can now benefit from the LBTT holiday, meaning both first-time buyers and those moving into a new property are exempt from paying LBTT until 31st March 2021.
LBTT is payable upon completion of the purchase, so those who have exchanged contracts and not yet completed can still benefit from the change. Homebuyers can also continue to take advantage of the First Home Fund and Bellway’s Express Mover scheme (where applicable), while the LBTT holiday is in place.
The amount you could save during the LBTT holiday will depend on the cost of your new home. These examples can give you an idea of how much you could save when purchasing any home valued below the new LBTT threshold of £250,000. You will still need to pay LBTT on any home worth more than this, however the amount you pay will be reduced during the LBTT holiday period. The 4% additional dwelling supplement for second homes in Scotland is still payable during this time.
If you have further questions regarding the LBTT holiday or would like to enquire about finding your new Bellway home, our friendly sales team would love to hear from you.
You could save £600
You could save £1,100
You could save £2,100
We understand that purchasing a new home is one of the most important decisions you will make. From your initial enquiry, through to moving day and beyond, we’re on hand to offer personalised advice, guidance and support, every step of the way.
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