Latest News

Clarity provided for agents in North of England

03 August 2020

On the evening of Thursday 30 July, the UK Government announced a tightening on restrictions for some areas within the North of England in order to protect against the risks to public health arising from Coronavirus. Read More...

Ten new courts unveiled to tackle evictions proceedings backlog

30 July 2020

The Lord Chancellor, Robert Buckland announced on 19 July 2020 the locations for ten ‘Nightingale Courts’ which have been rapidly set up with the aim of tackling the impact of Coronavirus on the justice system. Read More...

Demand from tenants and rental supply highest on record for June

30 July 2020

ARLA Propertymark’s Private Rented Sector (PRS) June report saw the number of new prospective tenants continue to rise, following the Government’s COVID-19 lockdown, with the average branch registering 79 new tenants, compared to 70 on average in May. Read More...

LBTT threshold is now effective

Monday 13 July 2020

Revenue Scotland has confirmed the changes to the nil rate band for LBTT residential property transactions which will take effect from Wednesday 15 July and remain in place until 31 March 2021.

This follows the announcement by Kate Forbes MSP, Cabinet Secretary for Finance on 9 July where the threshold was raised from £145,000 to £250,000. The revised rates and bands will only apply to transactions with an effective date on or after 15 July 2020.

Rates for the Additional Dwelling Supplement (ADS) remain unchanged, however, any residential transactions for consideration of £40,000 or more will still require to be notified to Revenue Scotland even if no tax is due.

The rates for non-residential LBTT remain unchanged.

LBTT rates from 15 July 2020 to 31 March 2021

PURCHASE PRICE

LBTT RATE

 Up to £250,000

0 per cent

 Above £250,000 to £325,000

5 per cent

 Above £325,000 to £750,000

10 per cent

 Over £750,000

12 per cent

Propertymark campaigning

Today's announcement demonstrates Propertymark’s continued discussions and work with Governments to find ways to boost the property market. We are pleased that this latest campaigning success follows our other successful work on business rates relief, commission in furloughed pay, and other support for the industry as the economy reopens.

Property Sector Support Package