Covid-19: Land and Buildings Transaction Tax
MacPhee & Partners would like to take this opportunity to remind potential purchasers that the Scottish Government temporarily increased the Land and Buildings Transaction Tax Nil Rate Band in July 2020, meaning that no Land and Buildings Transaction Tax (“LBTT”) was to be payable on properties with a consideration of £250,000.00 or less. Should the consideration exceed £250,000.00, you benefit from a reduction in the amount of LBTT payable. These temporary changes were implemented on 15th July 2020, and are to remain in force until 31st March 2021 provided the transaction settled between 15th June 2020 and 31st March 2021.
At this stage, we are not aware of any proposal to extend the temporary increase past 31st March 2021. We would therefore urge clients who may be considering a move in 2021 to consider their options and whether they may be in a position to move before this date.