LBTT threshold increased and additional funds available for the First Home Fund

Following the Chancellor of the Exchequer's Summer economic update on Wednesday, the Scottish Government have announced that the Land and Buildings Transaction Tax (LBTT) will be increased from £145,000 to £250,000 in an attempt support homebuyers get on the property ladder and help the Scottish economy recover from the impact of coronavirus.

Additionally, an extra £50 million has been added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property.

There has been no change to the Additional Dwelling Supplement (ADS) meaning this surcharge would still be payable.