Most homebuyers in Scotland and Wales will soon not have to pay a transaction tax on the first £250,000 of a property's purchase price, under temporary measures announced by the devolved administrations in the wake of the recent stamp duty cuts in England and Northern Ireland.
At the moment, buyers in Scotland pay land and buildings transaction tax (LBTT) – equivalent to stamp duty in England and Northern Ireland – on properties costing over £145,000. Those in Wales pay land transaction tax on properties over £180,000. But Scottish Finance Secretary Kate Forbes has announced that this threshold would be raised to £250,000 for buyers in Scotland, while Welsh Finance Minister Rebecca Evans said that the same threshold will also apply in Wales.
The new £250,000 threshold came into force on 15 July in Scotland and will come into force on 27 July in Wales, and will remain in place until 31 March 2021.