Temporary Cut in LBTT, Extra Assistance for First Time Home Buyers and Additional Targeted Employment Support
The Scottish Government has announced a temporary cut in Land and Buildings Transaction Tax (LBTT), extra assistance for first time home buyers and additional targeted employment support:-
- The starting threshold for LBTT will increase from £145,000 to £250,000 on a temporary basis. This will represent a saving of £2,100 on houses costing more than £250,000.
The change will be implemented on 15 July 2020 and will last until 31 March 2021.
It is estimated that 8 out of 10 Scottish house buyers will now pay no LBTT. The cut will not apply to purchasers of second homes.
- It is also going to invest an additional £50m in the First Home Fund. This is a shared equity scheme that assists first time buyers with their deposits up to a maximum of £25,000.
- It will spend another £100m on “targeted employment support and training to keep people in work or help them retrain”. The details of this will be advised in due course.
These measures were announced following the UK Government’s mini budget on 8 July 2020.
https://www.gov.scot/news/help-for-homebuyers-and-employment-support/
The information in this blog provides only an overview of guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed guidance and legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm
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