News & Legal Updates
Sign up to news & legal updates
As mentioned in previous blogs, I was concerned when John Swinney announced the proposed LBTT rates in October as I felt the new rates were a disincentive to the middle and top end of the market and would have had a huge impact on the property market. I am pleased that John Swinney has listened to the market and whilst his new recommendations are a step in the right direction (in that many will benefit from his new proposals), I am still of the view that the increased tax take above £400,000 will also restrict the property market. I would have preferred to see a couple of extra bandings between £350,000 and £1m to bring the Scottish tax level slightly closer to the UK-wide level. For instance, the UK-wide level of Stamp Duty on a purchase of £450,000 is £12,500 but the new Scotland rate proposed from April 2015 is £18,350, an increase of nearly £6,000.
It will be interesting to see how the property market reacts to these amended proposals.
Partner & Head of Property
The opinions expressed in this site are of the author(s) only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this site is accurate and up to date. The site is not, however, intended as a substitute for seeking legal or other professional advice but rather as an informative guide to the services provided by Blackadders and topical legal developments. Site visitors should always seek advice tailored to their specific situation. Consequently, Blackadders accepts no responsibility for any loss or damage suffered by anyone acting or failing to act on the basis of information contained on this site. Downloading of material contained on this site is at the user’s own risk and all necessary virus checks must first be carried out by the user. Blackadders is not responsible for the material found on any web sites linked to this one and links to this site may only be made with Blackadders prior consent.
Blackadders owns the copyright in this blog and all material contained on it. The material on this site may be downloaded for personal use only and must not be altered. Otherwise, Blackadders’ written consent is required before any material on this site is reproduced, copied or transmitted in any way.
Information passed to us via this site is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2011
Members of the Law Society of Scotland. Authorised to conduct Investment Business under the Financial Services & Markets Act 2000 by the Financial Services Authority.
Blackadders Solicitors is a trading name of Blackadders LLP, a limited liability partnership, registered in Scotland No SO301600 whose registered office is 30 & 34 Reform Street, Dundee, DD1 1RJ. Reference to a ‘partner’ is to a member of Blackadders LLP.Back to News & Legal updates