REMAX Dunfermline & Dalgety Bay give insight into LBTT
Friday, 16 October 2020
Throughout this tough year for many of us, REMAX Dunfermline & Dalgety Bay branches have been inundated with clients who have decided to sell their property. Throughout this period, by implementing social distance safety measures, pioneering virtual 360 Matterport home tours & conducting viewings for clients, they have managed to consistently fulfil (& exceed) clients expectations. The feedback from sellers & buyers indicated people were looking to capitalise on the current reductions and changes to the Land & Buildings Transaction Tax (LBTT).
Property Agent for REMAX Dunfermline & Dalgety Bay Ross Nicoll spoke about the changes: “I recently posted an article on my Facebook REMAX page regarding the LBTT and was surprised by the response I received back. People weren’t too sure what the LBTT applied to now, did it increase/decrease depending on property size, band etc. So I thought it would be useful to share some additional information with my fellow chamber members.
Ross went on to say: “2020 has been a year of ‘changes’ to say the least. However, if we dig through the many obstacles we have had to deal with, there are nuggets of positivity and hope. One of those nuggets being peoples understanding of the benefits presented by the temporary reduction in Land & Building Transaction Tax (LBTT) which is in effect in Scotland until 31st March 2021, and indeed may be subject to a further extension when this date is reviewed. For those who aren’t aware of what the LBTT is, it’s a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired. On 1 April 2015, LBTT replaced Stamp Duty Land Tax (SDLT) in Scotland for land transactions. The current reductions mean a higher percentage of homebuyers will now be exempt from the tax.
Whilst 2020 has seen unprecedented house sale transactions achieving high numbers, this is due to an amalgamation of various factors. The ‘traditional’ Spring time activity being missed due to lockdown, people who are aware of the LBTT wanting to benefit from it before the review in 2021 & people spending more time than ever in their homes, reviewing their living environments and deciding they need a larger property, or perhaps economise to a property more efficient in its running costs.
To find out more how Ross can help you, please contact him via the links above, or the Fife Chamber directory.