Good news from Scotland re 3% property tax increase

by Readers Question

10:02 AM, 10th March 2016
About 3 years ago

Good news from Scotland re 3% property tax increase

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Good news from Scotland re 3% property tax increase

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.scottish parliament

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.”

In brief

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).

Mia



Comments

Mike W

12:14 PM, 10th March 2016
About 3 years ago

So this 'good news' still discriminates against the small time landlord wishing to provide accommodation to those who cannot even consider buying? But it supports those large scale providers buying 6 or more properties .....

I would like to consider a limited company but the CGT and finance issues make it a non starter.

James Fraser

12:33 PM, 10th March 2016
About 3 years ago

Have you looked at Mark's Beneficial Interest Company scheme? Possibly no CGT or refinancing.

Michael Barnes

14:08 PM, 10th March 2016
About 3 years ago

I don't see how buying one property deprives first time buyers, but buying 6 does not.

John Mcgowan

20:02 PM, 10th March 2016
About 3 years ago

Reply to the comment left by "Michael Barnes" at "10/03/2016 - 14:08":

Absolutely there is a shortage of politicians with any useful knowledge of economics both over and under the Scottish boarder. Or maybe both groups are financed directory by the large corporates which is just as likely.

John Mcgowan

20:03 PM, 10th March 2016
About 3 years ago

Reply to the comment left by "Michael Barnes" at "10/03/2016 - 14:08":

Absolutely there is a shortage of politicians with any useful knowledge of economics both over and under the Scottish boarder. Or maybe both groups are financed directory by the large corporates which is just as likely.


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