It has now been announced the changes to Land and Buildings Transaction Tax (LBTT) will begin on Wednesday 15 July and remain in place until 31 March 2021.
In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for LBTT from £145,000 to £250,000.
It is estimated that this will mean eight in ten homebuyers will pay no LBTT when the threshold change is made and the Scottish Government believe this will mean that people purchasing a property costing more than £250,000 will save £2,100.
In addition, an extra £50m is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property. This will support an estimated 2,000 first time purchases and increase the total funding to £200m.
For more information, or any questions on how much LBTT you may have to pay, please contact your local Scottish Property Centre.