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Winchburgh to get lift from LBTT

Hunter says new Scots property tax will help town project

Sir Tom HunterSir Tom Hunter says his new town project west of Edinburgh will benefit from the new tax being introduced to replace stamp duty.

Winchburgh, being built seven miles from the airport, will eventually be bigger than St Andrews, with 3,450 homes, schools and a shopping centre.

Hunter tells the Telegraph today that the new land and building transaction tax (LBTT), which comes into effect in Scotland in April, will help boost homebuying in the town because the housing stock is towards the bottom of the price range. Homes costing less than £135,000 are free of LBTT. Between £135,000 and £250,000, buyers will pay 2%.

Hunter now owns 85% of the Winchburgh development after buying out a number of shareholders through his investment vehicle West Coast Capital.

 

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