Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
My client has just set up a new Ltd Co with which they wish to buy and manage several rental properties.
They are using a new solicitor to do the conveyancing who is supposed to be an expert in Ltd companies and buy to let’s.
The Ltd Co has only been in existence 5 days owns no other properties.
My understanding is/was that as long as you individually or a Ltd Co did not own any other property – the higher rate of SLDT was not payable.
The solicitor is saying “In relation to SDLT, the reduction only applies if you are an individual and it is your main residence. It goes on to specifically exclude companies from any relief.”
Is this correct?
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