Does every homebuyer have to pay land transfer tax?

Legal Moment on FM96


[phone ringing]
Receptionist: Cohen Highley
Announcer: And now the Cohen Highley Legal Moment on FM96.
Announcer: I’m with Megan Jenner from Cohen Highley Lawyers.  Does every homebuyer have to pay land transfer tax?
Megan Jenner For first time homebuyers, there’s a rebate of up to $4,000 that you may qualify for.
Announcer: How do you qualify?
Megan Jenner There are a number of stipulations but to be considered a first time homebuyer.  You cannot have owned a qualifying home anywhere in the world.  There are also rules about spouses owning eligible homes to consider.
Announcer: Does the $4,000 rebate cover all the land transfer tax?
Megan Jenner: Land transfer tax is based on the purchase price of the property.  The higher the price, the more tax.  While calculating the tax is a bit complicated, the average home price in London, which is currently about $600,000, would incur land transfer tax of about eight and a half thousand dollars.  So in that example, the land transfer tax rebate would cover almost half of the amount.
Announcer: Thanks Megan. This has been the Cohen Highley Legal Moment.
Singers: Cohen Highley, we’re listening.

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