Translate this site

enzh-CNzh-TW

Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.
1 minute reading time (278 words)

Government Launches Land and Buildings Transaction Tax Consultation

The Scottish Government has launched a consultation on first-time buyer relief from Land and Buildings Transaction Tax (LBTT), which it previously announced in the draft Scottish Budget 2018/19. 

The relief will effectively raise the zero-tax LBTT threshold for first-time buyers to £175,000. Those buying their first property at or above £175,000 will also benefit on the portion of the price between £145,000 and £175,000.

According to the Government, around 12,000 first-time buyers will benefit from the relief each year by up to £600, with an estimated 80% of all first-time buyers paying no LBTT at all.

The consultation will seek views on the Scottish Government’s proposals in terms of eligibility and implementation of the policy.

“We are committed to helping as many people as possible to buy their first home,” commented Finance Secretary Derek Mackay. “Since its introduction, LBTT has prioritised support for first-time buyers and assisted people as they progress through the property market.”

“Our approach to LBTT has helped take over 25,000 house purchases out of tax and has meant that 93% of home buyers have paid less tax compared to SDLT or no tax whatsoever,” he added. “Alongside measures by the Scottish Government to increase housing supply, this will provide further support to first-time buyers in Scotland, helping them to own their own homes.”

The consultation is apparently set to run until 23rd March and the results will inform final decisions and the detail of the relief and legislative proposals. The Scottish Government aims to introduce the relief, following parliamentary scrutiny, in June of this year.

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property lawyers today.

Family Statistics Should Take Better Account of Fa...
Findings of Adoption Enquiry Published

Online Enquiry

  1. Name(*)
    Please let us know your name.
  2. Email(*)
    Please let us know your email address.
  3. Daytime Tel. No.
    Please enter your daytime telephone number.
  4. Subject(*)
    Please write a subject for your message.
  1. Message(*)
    Please let us know your message.
  2. Please tick below for antispam verification (*)
    Invalid Input

Latest News

18 May 2018
Family Law
On 17th May the UK’s Supreme Court heard the case of Owens v Owens, a contested divorce case that has been brought to the Supreme Court on appeal from the Court of Appeal of England and Wales. ...
08 May 2018
Commercial
Many small firms are being put at risk by the poor payments practices that exist within public sector supply chains. ...
18 April 2018
Family Law
The European Court of Human Rights has recently given its ruling in an interesting case concerning a man’s right to contest the paternity of a child. ...
15 April 2018
Commercial
New figures released by UK Finance have revealed a 5% increase in invoice finance and asset-based lending in 2017, taking the total to £23.4 billion at the end of the year. The number of clients using this form of business funding remained stable at ...
10 April 2018
Estate Agency
New research by Bank of Scotland has revealed that homeowners in Scotland pay a fifth (20%) of their disposable income towards their mortgage each month. This proportion has almost halved compared to 2007. ...
15 March 2018
Family Law

A recent study has attempted to answer the question of why divorce is often seen to run in families. 

As featured in

Latest Tweets

Connect with us

     

Recent Client Comments