Latest News

Land Transaction Tax (LTT) nil rate band extended

04 March 2021

On 3 March 2021, the Welsh Government announced that the temporary increase to the nil rate band of LTT for residential property transactions will be extended to 30 June 2021. Read More...

Campaign leads to extended Stamp Duty holiday

03 March 2021

The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until the end of September and then return to £125,000 from October, with first-time buyers continuing not to pay stamp duty on properties up to £300,000. Read More...

Estate agents lose over £4,000 for every property sale that falls through

25 February 2021

Research carried out by Propertymark over the last year found an average of 17 property sales fell through, with 42 per cent of respondents saying failed sales are a significant problem for businesses. Read More...

Possible stamp duty extension

24 February 2021

Propertymark’s Chief Policy Advisor Mark Hayward has today welcomed speculation in The Times that the Chancellor may extend the Stamp Duty Holiday in England until the end of June, in next week’s budget. Read More...

LBTT holiday will not be extended

Thursday 28 January 2021

The Scottish Government has announced in their Budget 2021-2022 that the change to the residential LBTT nil rate band, introduced in July 2020, will not be extended but the 100 per cent non-domestic rates relief will be for at least the first three months of the financial year.

From 1 April 2021 onwards, the ceiling of the nil rate band will return to £145,000 for residential properties and all other bands will return to the previous rates.

First-time buyers

The Scottish Government’s first-time buyer relief will continue to be available which has the effect of raising the nil rate band to £175,000 and results in a reduction of tax of up to £600.

Additional Dwelling Support

The Additional Dwelling Supplement (ADS) rate will remain at 4 per cent but the Scottish Government has stated that they recognise there are several long-standing calls for change regarding aspects of the ADS, including:

  • To extend the length of time within which a previous main residence must be sold for a repayment to be claimed
  • To address various scenarios involving joint buyers.

In light of this, the Scottish Government has said that it will not be possible to bring forward legislative proposals in this Parliament and they plan to consult on this early in the next Scottish Parliament to identify and agree reforms that can address the concerns.

The ADS rate of 4 per cent applies to the total price of the property for all relevant transactions above £40,000 and will be charged in addition to the relevant LBTT rates.

Non-residential property and conveyancers bands

Existing non-residential LBTT rates and bands for conveyances and leases will remain unchanged.

Non-domestic rates relief

Following the publication of the Scottish Budget 2020‑21, and in response to COVID-19, the Scottish Government introduced 100 per cent relief (RHL relief) for the retail, hospitality, leisure and aviation sectors and a 1.6 per cent universal relief. The universal relief will end on 31 March 2021 as legislated. However, the Scottish Budget commits to extending the 100 per cent RHL relief for at least three months.

Poundage rate

The Scottish Government has decided to reduce the Basic Property Rate ('poundage') to 49 pence, the same as in 2019-20, which is said to save Scottish ratepayers over £120 million compared with previously published plans.

Scottish Budget 2021-2022

Quote mark

We are disappointed that the Scottish Government has not backed the housing market in its Budget today. By not extending the LBTT holiday deadline beyond 31 March as well as demonstrating a reluctance to redraw LBTT rates and bands, they have wasted the opportunity to help the market continue its recovery. Whilst it is welcome that the first-time buyer relief will continue, it is disappointing that the Scottish Government was not more ambitious while also missing the opportunity to bolster the First Home Fund.

Daryl McIntosh

Daryl McIntosh
Propertymark Strategic Development Manager