Scotland and Wales raise stamp duty tax thresholds
Following the Chancellor’s announcement on 8th July 2020 that the stamp duty threshold in England and Northern Ireland has been raised to £500,000 for all buyers until 31st March 2021, Scotland and Wales has announced that they’ll be following suit and adjusting their current stamp duty thresholds.
Land and Buildings Transaction Tax
The Scottish government has declared they have increased the Land and Buildings Transaction Tax (LBTT) threshold (this is the equivalent to England’s stamp duty tax) from £145,000 to £250,000, starting from 15th July 2020 until 31st March 2021.
Land Transaction Tax
Similarly, the Welsh government has announced an increase in the threshold of their equivalent, Land Transaction Tax (LTT), from £180,000 to £250,000. This will be effective from 27th July 2020 and run until 30th June 2021.
For more information on the tax break and how this might affect you, please don’t hesitate to get in touch with our friendly team.
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