Help for homebuyers and employment support
New initiatives to support homebuyers and help people into work or to re-train have been announced by Finance Secretary Kate Forbes.
The measures are part of the Scottish Government’s wider efforts to help the economy recover from the impact of coronavirus (COVID-19) and are expected to involve an investment of around £200m.
The threshold at which Land and Buildings Transaction Tax (LBTT) is paid will be raised from £145,000 to £250,000, meaning 80% of house buyers will be exempt from the charge – excluding the Additional Dwelling Supplement. Home movers purchasing a property costing more than £250,000 will save £2,100.
In addition, an extra £50m is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property. This will support an estimated 2,000 first time purchases and increase the total funding to £200m.
A further £100m is being invested in targeted employment support and training. Economy Secretary Fiona Hyslop will set out further details on this employment funding in due course.
Full details of the LBTT changes.