Solicitor Advocate, John Carruthers of Oracle Law, today (22nd November 2017) called on the Scottish Government to adopt the same approach to Stamp Duty for England which was announced by the Chancellor today whereby all first-time buyers in England and Wales will pay no Stamp Duty (Known as Land and Building Transaction Tax “LBTT” in Scotland) on purchases up to £300,000.
John Carruthers commented:
“This is an important concession to first time buyers and recognises one of the difficulties and cost that many first-time buyers face getting a foothold in the housing market.
“Historically LBTT has only risen over the years. LBTT now represents a significant cost for buyers and applies to very modest family homes in Scotland. LBTT can be a clear disincentive for people to move or for them to buy a home for the first time. Many of our client’s object strongly to this tax on the basis it is paid out of taxed income and is an easy target for the Scottish Government.
“The Scottish Government have in the past changed LBTT rates to reflect changes in the English rates. No one has ever called this Scottish Government innovative but at the very least they should seek to copy this important and valuable change for the benefit of first time buyers in Scotland.”
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22 Novemeber 2017