As outlined in our Summer Statement article, the government introduced an immediate temporary Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland until 31 March 2021 by raising the threshold above which the main rate of SDLT is payable from £125,000 to £500,000. For second homes, the 3% additional rate will continue to apply.
The Scottish Government has since announced that they have increased the threshold for their equivalent tax, Land and Buildings Transaction Tax (LBTT), from £145,000 to £250,000, from 15 July until 31 March 2021.
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