THE difference in property tax north and south of the border – which sees some house buyers in Scotland paying 155 per cent more than their counterparts in the rest of the UK – provides an added incentive for Scottish self-builders, who pay stamp duty on the land purchase, not the cost of the build or end value.
The organisers of The Scottish Homebuilding & Renovating Show, which is back at the SEC, Glasgow 16 – 17 June, put this down as one of the reasons why self-building is increasingly popular in Scotland.
Commenting self-build expert, Michael Holmes, guest speaker at The Scottish Homebuilding & Renovating Show says: “Self-builders throughout the UK benefit by paying stamp duty only on the land purchase, not the build cost or end value. The fact that many house buyers in Scotland pay a higher level of property tax through the Land & Buildings Transaction Tax (LBTT) than those in other parts of the UK makes self-build in Scotland an even more attractive option.
“Currently, it’s perfectly possible for a self-builder in Scotland with a completed home valued at say, £400,000 will have paid zero in tax (if the land was purchased for under £145,000), as opposed to £13,350 paid by a house buyer who purchased a £400,000 home. Higher value self-build homes or self-builders with a second home would save even more property tax.
“I am looking forward to coming back to Glasgow in June to meet both experienced self builders and renovators, and the curious.”
The Scottish Homebuilding & Renovating Show, Scotland’s only dedicated consumer exhibition for self-builders, home renovators and improvers, will be packed with thousands of products, expert advice, free masterclasses, and seminars and more than 140 exhibitors giving visitors the opportunity to access ideas, expertise and inspiration they need in one place, in one day.
The show is taking place at the SEC, Glasgow on 16 – 17 June 2018. Opening hours: Saturday 10am – 5pm; Sunday 10am – 4.30pm.
Tickets are £8* advance (available till 3pm on Friday 15 June) and £12 on the door and are available on 0844 858 6754** Under 16s go free
For more information on tickets visit www.homebuildingshow.co.uk/glasgow.
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