Disappointingly, the Scottish finance secretary, Kate Forbes, has confirmed the LBTT (Land and Buildings Transaction Tax) holiday in respect of certain purchases of residential property in Scotland will not be extended beyond 31 March 2021.
There had been speculation about an extension, following the chancellor’s confirmation that the Stamp Duty Land Tax (the equivalent tax in England and Northern Ireland) holiday would be continued for an additional three months.
Citing the “record” levels of residential property purchases since the holiday was introduced, she confirmed she has chosen to focus on extending other reliefs, such as those relating to non-domestic business rates, instead.
It will be interesting to see whether this has any effect on the level of residential property transactions in Scotland in the upcoming months.
Tax cut for home buyers in Scotland will end 'as planned'