Not an April Fool's Joke!!!
Cause of much controversy within property circles over the last six months or so, the Scottish government's Land and Buildings Transaction Tax has finally come to pass. It is the first tax to be introduced by the Scottish Parliament in 300 years. Historic stuff.
It replaces the existing Stamp Duty System under new developed powers contained in the Scotland Act 2012. The tax is intended to help those starting out on the property ladder get a step up and make the system fairer - yet some critics have complained that the government's new deal penalises 'aspiration'.
According to the government 9 out of 10 taxpayers will be no better or worse off under the new system. For properties worth up to £145,000, buyers will pay no tax at all. For sales between £145,000 and £250,000 a tax rate of 2% will be applied, a new rate of 5% applied between £250,000 and £325,000.
Those looking to buy more expensive properties will see the tax they pay rising a little more sharply. Between £325,000 an £750,000 a rate of 10% of the property's value will apply - above that it's 12%.
Concerned that the new tax rates will affect your property transaction? Give us a call to discuss your options. Blair Cadell's conveyancing specialists are on hand at all times to co-ordinate and advise on all of your legal arrangements and queries from the word go.
We use the most up to date IT systems to maximise efficiency and minimise costs for you. Blair Cadell look after your complete sale including pre-sale title and property questionnaire matters, contract and conveyancing up to the day you hand over the keys to your buyer all at single fixed cost.