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TWEAKS MADE TO NEW HOMES TAX

31 March 2015

Home buyers across Tayside are set to benefit from changes to the Land and Buildings Transaction Tax being ushered in at the start of April.

Proposals designed to replace Stamp Duty were unveiled last year by the Scottish Government.

But Finance Secretary John Swinney announced changes in advance of April 1.

In particular, the news will benefit the many local buyers casting around for homes in the £250,000-£350,000 price bracket.

Lynne Hill, manager at the TSPC in Dundees Whitehall Crescent, welcomed the announcement from Holyrood.

Rather than facing a £7500 tax bill on a £350,000 purchase, under the tweaked plans the figure will be trimmed back to £4600.

At present a £300,000 home demands a £5000 tax levy.

The average house price of homes sold through the TSPC comes in at nearly £145,000, compared to the figure of £170,000 for Scotland as a whole.

Lynne noted that the average price of a villa sold through the Centre last year came in around the £240,000 mark.

So while many property observers say the changes being ushered in are designed to help mid tier buyers in cities like Edinburgh and Aberdeen, purchasers towards the upper end of the spectrum on Tayside will enjoy the benefits.

Time will be called on the current Stamp Duty Land Tax on March 31 as the first national tax raised in Scotland for 300 years comes into play 24 hours later.

Under the new Land and Building Transactions Tax, homebuyers will pay no duty on property sales of less than £145,000 come April, rather than £135,000 benefiting first-time buyers in particular.

Lynne noted: Given the latest average price of properties sold through the TSPC is £140,000, clearly many buyers will benefit from the changes which are on the horizon.

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