Following on from my previous blogs I was interested to read a press release from Retties in relation to the impact that last year’s changes to LBTT (Stamp Duty) had on the £1m + market. There was a 23% rise in £1m sales in Scotland in 2015 compared to a 5% rise in the general market. However the interesting thing is that two-thirds of the sales occurred in the first four months of the year to beat the higher LBTT from April.
As previously indicated, my view is that the 3% surcharge will cause a very similar distortion and it will be interesting to see the stats over the next couple of months.
The Association of Taxation Technicians has released a report advising that in their opinion the stamp duty surcharge is incredibly unfair and will have an adverse impact on the very people the government claims to be helping. They point to the fact that married couples are being treated as one unit and also that there is no exemption to deal with parents assisting young adult children getting on to the property ladder.
Let’s see what happens in the next couple of months!
Partner – Head of Property
The opinions expressed in this blog are of the author only and do not necessarily represent the opinions of Blackadders LLP.
Blackadders takes all reasonable steps to ensure that the content of this blog is accurate and up to date. The blog 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. Blog users 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 blog. 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 blog 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 blog is kept confidential and will not be disclosed to third parties except if authorised by you or required by law.
© Blackadders LLP 2020
Members of the Law Society of Scotland.
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.