Response to proposed LBTT changes

The new LBTT proposals proposed today by Scotland Finance Secretary John Swinney look promising for first time buyers with the lowest bracket moving up to £145k – meaning more people escape tax liability.

An increased rate of 12% for houses above £750k certainly puts more emphasis of tax liability on higher earners.

Generally, the proposals are encouraging for purchasers of houses under £325k – putting extra money in consumers’ pockets is good for the economy.

Overall the reforms look generally positive with the main result being that the perceived tax burden of purchase is removed which is a good shift for the housing market.

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