Transaction tax leave for homebuyers has been extended in Wales but not in Scotland
Typically, buyers in Scotland pay Land and Buildings Transaction Tax (LBTT), which is equivalent to stamp duty in England and Northern Ireland, for property over £ 145,000. Those in Wales pay land transaction tax (LTT) on properties over £ 180,000.
However, in July last year, Scottish Treasury Secretary Kate Forbes announced that she would raise that threshold for shoppers in Scotland to £ 250,000 by March 31, 2021, while Welsh Treasury Secretary Rebecca Evans raised the Welsh threshold to the same level for the same period.
Stamp duty leave in England and Northern Ireland was extended to the end of June in yesterday’s budget. Now the Welsh government has announced that its temporary zero rate hike will also be extended until June 30, 2021. However, the Scottish government says it will return to its standard rates from April 1st.