Good news from Scotland re 3% property tax increaseMake Text Bigger
Not good news for all, but helpful for those in Scotland wishing to move their property into a ltd company. Hopefully the UK government will follow suit and help landlords survive the changes.
Deputy first minister John Swinney said “Our priority is to make sure first time buyers have the greatest possible chance to get a foot on the property ladder.
That is why I decided to act to avoid any potential distortions that could arise in Scotland from the new higher rates of stamp duty land tax payable on the purchase of additional residential properties, announced by the Chancellor of the Exchequer in his Autumn Statement on 25 November 2015.
This is particularly relevant to the purchase of additional residential properties, at the lower end of the market, which could make it more attractive to invest in such properties in Scotland compared to other parts of the UK.
Our LBTT additional homes supplement will ensure that opportunities for first time buyers to enter the housing market in Scotland remain as strong as they possibly can.”
Transactions of six or more properties were made exempt from the charge last month following evidence provided to Holyrood’s finance committee from the Scottish Property Federation (SPF).
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.