We reported earlier in the month regarding the temporary increase in the SDLT nil-rate bank for England and Northern Ireland in response to the Covid-19 crisis and also the LBTT holiday announced in Scotland.
Wales has also now followed suit. Reporting on the 14 July 2020 that the threshold for land transaction tax (LTT) will now start at GBP250,000 as opposed to GBP180,000 for residential properties from 27 July 2020 until 31 March 2021. Scotland also announced a similar increase in its threshold from 15 July 2020 until 31 March 2021.
In these uncertain times with Covid-19 and Brexit the various governmental bodies in the United Kingdom are looking to apply breaks across of variety of different factors to ensure that the property market does not enter a period of stagnation. If you are considering buying or selling a property in the UK and are not sure how the new rates affect you please do not hesitate to contact us.
