Following on from the Chancellor of the Exchequer Rishi Sunak, the Scottish Government has also announced a temporary holiday on LBTT (the equivalent of Stamp Duty in England) in order to get the housing market in Scotland moving again.
In Scotland, homebuyers have been required to pay Land and Buildings Transaction Tax (LBTT) on residential properties over £145,000, with the exception of first-time buyers in Scotland who are not required to pay LBTT on a property purchase up to £175,000. However now the threshold has been increased to £250,000 – this is a temporary cut running until 31 March 2021.