Scottish LBTT additional residential property rate follows English SDLT
Scottish LBTT additional residential property rate follows English SDLT
Mon 08 Feb 2016
The additional 3% that will be charged on second homes and residential property investments valued at £40,000 or more from 1 April 2016 (previous blog) has, as expected, been adopted by the Scottish Government. The Bill and accompanying documents can be found at: http://www.scottish.parliament.uk/parliamentarybusiness/Bills/96000.aspx
Real property (land and buildings) in Scotland are not subject to Stamp Duty Land Tax (SDLT); the Scottish equivalent tax is the Land and Buildings Transaction Tax (LBTT) which currently follows a model identical to SDLT in terms of both technical provisions and rates. There is no certainty that this situation will not change in future, since the power to make its own property tax legislation is devolved to the Scottish Government.
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SDLT on residential property overhauled overnight
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Stamp Duty Land Tax on enveloped residential property over £500k
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Land & Buildings Transactions Tax Sub-Sale Relief
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Changes to Finance Bill 2016 address deficiencies in IHT residence nil-rate downsizing rules
Committee Stage amendments to Finance Bill 2016 correct anomalies in the original clauses to ensure that the IHT residence nil-rate band provisions should work consistently when they come into force on 6 April 2017. The residence nil-rate band (RNRB) rules are complex but are intended to give additional IHT relief to many homeowners (there is […]
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In a logical move the charging structure for non-residential property has now been brought into line with that for residential property by abolishing the slab system which applied a single rate to the entire transaction value. This brings the method in which stamp duty land tax (‘SDLT’) is applied to property transactions in England and […]
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Updated HMRC guidance on FA 2003 s75A (SDLT ‘avoidance’ provision)
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Until the introduction of the annual tax on enveloped dwellings (ATED) there were tax advantages in having high value residential properties owned by a company rather than personally. Since 6 April 2013 ATED imposes an annual “charge” of between £15,000 and £140,000 on companies and other non-individual owners of UK dwellings with a value in […]
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