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Land and Buildings Transaction Tax and First-Time Buyer Relief

The Scottish government announced that they will introduce a new Land and Buildings Transaction Tax (LBTT) relief for first-time buyers of properties up to £175,000. The relief will raise the zero tax threshold for first-time buyers from £145,000 to £175,000, and according to the Scottish government 80% of first-time buyers in Scotland will pay no LBTT at all. The Scottish government also announced that first-time buyers buying a property above £175,000 will also benefit from the relief on the portion of the price below the threshold.

The Scottish government announced that they will launch a consultation on the policy before introducing the first-time buyer relief in 2018/19. The relief for first-time buyers paying Stamp Duty Land Tax on first homes in the rest of the UK was introduced from 22 November 2017.

Internet link: GOV.SCOT publication

Changing priorities at HMRC

08 May 2018

HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.

GDPR compliance deadline looms

08 May 2018

The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.

Tax reliefs following the Scottish Budget

08 May 2018

The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.