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Category: Pollokshaws Living

Understanding LBTT

If you’re purchasing a first home, knowing what you need to pay in Stamp Duty – known as Land and Buildings Transaction Tax here in Scotland – can be confusing.

Land and Buildings Transaction Tax works the way as Stamp Duty Land Tax which is payable in England and Northern Ireland. The percentage charge increases with the price paid for the property with threshold amounts in place.

The current rates were introduced in April 2015 and the payment is linked to house price property bands. Depending on the price you pay, you’ll pay a percentage of the purchase price.

Here in Scotland, rates are different to those in the rest of the UK and the rates vary depending on whether it’s a main home, buy-to-let property or second home.

You won’t pay any tax on the first £145,000 of the price of your main property. Over that price, tax is charged at 2, 5, 10 and 12% of the remaining purchase price up to £750,000. So, if you are buying a property under £145,000 you won’t pay any LBTT. Over that, you will pay:

  • 0% on the first £145,000
  • 2% on the next £105,000 (Above £145,000 to £250,000)
  • 5% on the next £75,000 (Above £250,000 to £325,000)
  • 10% on the remaining £175,000 (Above £325,000 to £750,000)

If you already own a property and you are buying a second home or buy-to-let investment you will have an additional payment of 4% applied on each band above the initial tax free threshold of just £40,000. Where your additional property costs between £40,000 and £145,000, 4% will be charged on the full purchase price.

If you’re a first-time-buyer you’ll will receive a special rate in order to help you get onto the property market. In this instance, the 0% threshold applies to the property up to £175k of the purchase price, as the Scottish government is aware that the majority of properties for this type of buyer would cost less than this.

The rest of the tax percentages and property bands are the same as for home movers. Therefore, if you’re buying your first house and it costs £200,000, then you’ll pay:

• 0% on the first £175,000

• 2% on the remaining £25,000

If you are looking for your first home, talk to us at Urban Union. We have many options for first-time-buyers in Perth, Glasgow and Edinburgh. See our developments. 

Saving to Get Onto the Property Ladder?

According to a new report from Zoopla, the number of young people who have taken the first step onto the housing ladder has risen for the first time in a decade.

Over 40% of those aged between 25 and 34 owned a property in 2018/2019. This is great news considering that back in 2013/14 the figure was lower at 36%. This increase in home ownership rates reflects the availability of help from the government for first time buyers. These include the new First Home Fund and Help to Buy.

The Help to Buy equity loan shows that 81% of those who have used the scheme since they first launched are first-time buyers. In addition, the number of people who are renting a property in the private rental sector has remained unchanged from the previous year at 4.6 million.

This is great news that more young people are able to purchase a property, but there has been a fall in the older groups in homeownership figures. Those aged between 35 and 44 were still most likely to be owner-occupiers at 55%, but the proportion who rent from the private sector has risen by 16% since 2008/2009 to 29%. There has also been an increase in those aged 55 to 64 who are renting with a 3% rise to 10% since 2008. This rise in older renters could be due to increasing divorce rates among this age group, with people unable to afford to buy a property after selling the family home and dividing up assets.

Looking for your first home? We have an exceptional range of modern starter homes with comfort, space and light at the forefront of design. Each development is in a regeneration area and close to many schools, amenities and transport links. Some properties are available to purchase using Help to Buy and the First Home Fund.

 

What’s on Glasgow this Half Term

Half term is in full swing here in Glasgow and despite the wind, rain or even snow, there’s still plenty to do to keep the little ones entertained.

Here’s our pick of some of the best activities taking place this week.

City Mural Trail

If you’re out and about in Glasgow city centre, then you will have some the huge pieces of art adorning some of the city’s buildings. Find out more how these murals have brightened up local areas and supported local artists by providing a space for their unique creations. You can explore the urban works of art and learn more about the inspiration behind them on a Street Art Tour.

Discover more: https://peoplemakeglasgow.com/things-to-do/city-centre-mural-trail

Take a Bus Tour!

Whether it’s a walking tour or going by bus, Glasgow has a wide range of tours to help you discover the city. Hop on the City Sightseeing Bus Tour to catch all the sights or explore further afield with Rabbie’s Trail Burner.

Discover more.

The Secret Garden, The Tron Theatre

This classic story has been adapted by Rosalind Sydney and tells the tale of Mary, a disagreeable child who stumbles upon a mysterious garden that has been hidden away. Here she imagines a magic that she didn’t believe was possible. Join Mary on her journey with your children. Suitable from age 6 onwards at The Tron Theatre until February 12th.

The Tron Theatre, Glasgow G1 5HB. Tickets cost £!0.

The Purple Cat Café

Are your children animal enthusiasts? If so how about treating them to lunch with 30 cats at The Purple Cat Café in the city centre? Booking is essential and you can take tea and cake whilst enjoying the cats that live right there in the café.

Booking fee of £5 required. Discover more.

Lenzie Sensational Safari, Mugdock Country Park

Put on your wellies and some warm clothes and head over to Mugdock Counttry Park to enjoy the Lenzie Sensatoinal Safari: Messing About on the Moss!

It takes place on Wednesday 12th February from 1pm to 4pm and is suitable for children aged 8 to 12.

Booking is essential on 0141 956 6100. Cost £10.

Love Your Woodland

This show takes place at Castlemilk Park on February 12th. For the second year running, your children can make decorations to transform a tree, create an outdoor arts piece, take part in woodland activities and warm up by the fire with toasted marshmallows.

No booking required, meet outside Castlemilk Stables, 59 Machrie Road, Castlemilk, G45 0AZ

Twist and Pulse

Ten years ago Twist and Pulse won the BGT and this is their first ever tour. See the duo on February 14th at the SEC Centre, Glasgow. Ashley Glazebrook and Glen Murphy, met at the renowned ‘Brits School of Performing Arts’. Through a joint love of dance, they have quickly become role models for young people around the UK. As their alter egos, Twist (Ash) and Pulse (Glen), they quickly shot to fame on one of the most watched TV shows in the UK. They achieved 2nd place on ITV’s ‘Britain’s Got Talent’, managing to win over both the public and Simon Cowell and his formidable team, with their talent and charm!

Tickets from £28.40.

Newlands Tennis Club

If your children enjoy tennis, Newlands Tennis club in Glasgow’s southside has a fantastic fun filled tennis camp this week. Children can stay from 8.30am to 4.30pm for indoor tennis and coaching from fully qualified tennis coaches.

Newlands tennis Club, 0141 632 1742. A discount is available for members.

Interested in living in Glasgow? We have the Laurieston Living and Pollokshaws Living developments, both which very easy access of the city centre! Help to Buy and First Home Fund available on some plots.