Land and Buildings Transaction Tax - the Scottish equivalent of stamp duty - has risen to six per cent for all additional homes.
It was previously four per cent but at the Scottish Government’s Budget yesterday it was announced: “The revised rate will apply to contracts entered into on or after 16 December 2022. For contracts entered into on or before 15 December the previous rate of 4% will apply.”
This move, along with other tax rises announced in Scotland, contradicts the SNP manifesto commitment not to change tax rates before the next election to the Scottish Parliament.
The LBTT additional homes change is predicted to raise an additional £34m per year. No other LBTT rates are changing.
The move further differentiates Scotland from the other countries of the UK which now have lower duty levels on buy to lets and holiday homes.
Other tax changes announced by Scottish finance minister John Swinney include one penny on the Higher and Top income tax rates, taking effect from April, maintaining the Starter and Basic Rate bands at their current level, and reduce the threshold at which people pay the Top Rate, from £150,000 to £125,140.
According to the Scottish Fiscal Commission this will raise £129m.
In addition, the Higher Rate Threshold will be maintained at its current level, increasing revenue by a further £390m when compared to inflation according to Scottish Government estimates.
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A lot of tenants are going to be homeless soon, government must know this they can't be that stupid
Yes, you would think that they cannot be that stupid, but they continually are.
It's more of a slow puncture to the PRS.. No one likes landlords... We are all greedy rentiers...Anti landlord policies are populist... Rent controls destroy supply but sitting tenants love them... Until they have to move for work or because of a larger famaily..
Government knows exactly what it is doing. Creating a market for the banks and pension funds, and also v good jobs for regulating . a market that dosent need regulating
Some regulation is in order... Reform of Section 21 so that expired tenancies "roll over" if a section 21 notice has not been served... And any section 21 time expirying if not enforced, would stop those tiny majority of slum landlords who abuse periodic tenancies in order to intimidate tenants.. Housing benefit payments not being based on size of property but quality (as it once was) would eliminate most slum LLs. If there are simply nowdays too many HB claimants.. Then random checks and a reduction of the rent chargeable to a frozen market rent for (say) five years irrespective of change of tenants, could work. Any update of the property during that five years by the LL requiring an inspection fee to approve a change of the rent. Nearly all, if not all, problems in the PRS relate to the HB sector.. This gives all LL's a bad name..
Peter Yendell, that's a very rude comment, aimed at me. Their is plenty of regulation available, it's just not used. Try ringing 999 in the west Midlands! The attacks on landlords are completely politicised. That druggie (mcsweeney ? )who ra pe d & murdered a woman had about 69 previous convictions! We seem to have open borders for drugs, people, counterfeit goods, alcohol.
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