Revenue Scotland updates online guidance and processes following introduction of First-Time Buyer Relief
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Revenue Scotland has updated its guidance, systems and processes to allow First-Time Buyer Relief to be claimed from 30 June 2018. The updates follow the changes to the Land and Buildings Transaction Tax (Scotland) Act 2013 introduced by The Land and Buildings Transaction Tax (First-Time Buyer Relief) (Scotland) Order 2018 (‘The Order’) which came into effect from Saturday 30th June 2018.
The Order introduces tax relief for a first-time buyer acquiring ownership of a dwelling, provided certain conditions are met. The conditions are set out in the legislation and further explained in Revenue Scotland’s guidance which is available with other supporting information about the relief from www.revenue.scot/land-buildings-transaction-tax/lbtt-updates.
The relief only applies to transactions where the contract is entered into on or after 9th February 2018 and the effective date of the transaction is on or after 30th June 2018. It is therefore not available for any transactions with an effective date prior to 30th June 2018.
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