LBTT threshold increase needs to happen sooner rather than later

The increased Land and Buildings Transaction Tax (LBTT) threshold, while welcome, needs to be introduced as soon as possible. Otherwise it risks more damage to the Scottish property market, the Law Society of Scotland has warned.

Amanda Millar, President of the Law Society of Scotland, said: “We welcome the announcement of the increased threshold of £250,00 for LBTT in residential property transactions. However, we are urging the Scottish Government to prioritise implementation of the change. The reality is that people will now put off plans to buy until the threshold has been raised, risking further damage to a sector which is already suffering from the impact of the coronavirus restrictions.”