Warners LLP | Reaction to the Revisions to the LBTT
Property Tax Changes Will Create 'More Winners Than Losers'
Scott Brown, Estate Agency Consultant at Warners Solicitors and Estate Agents, which has held the unofficial title as Edinburgh’s leading property solicitor-estate agent for 14 consecutive years since 1999, measured in terms of property sales as recorded by ESPC, said:
“Today’s announcement has created more winners than losers in Scotland.
“First time buyers and those buying up to £325,000 will be better off – in that they will pay less tax than now - from 1 April.
“For those buying a property above that sum, they will pay more in stamp duty in Scotland than in England – but the changes means they are paying less tax in terms of the original LBTT proposals.
“However, those buying above £750,000 will certainly be paying far more going forward.
“With this announcement, there are more winners than losers - and those at the lower price range are helped the most which helps the property market and the economy as a whole. We need people to be able to buy their first homes to let others buy further up the ladder.”
*Scott Brown will be provider a fuller analysis of the implications of the changes in LBTT in a later blog.