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Following the announcement on 9th October of the proposed rates of Land and Building Transaction Tax in the Scottish Government’s draft Budget, it is clear that, from 1st April 2015, a higher rate of tax will be payable on all residential purchases above £325,000, with the tax differential increasing as the purchase price increases.
This will, naturally, have a knock-on effect for sellers of these properties, the sale prices of which may be affected as purchasers budget for the additional tax.
As such, if you are thinking of selling your higher-end property, but have been unsure of the best time to do so, we would encourage you to put your house on the market sooner rather than later in order to take advantage of the lower Stamp Duty Land Tax rates that will still be available to purchasers until 31st March 2015.
For more information, please see our Property Fact Sheet about this on our Legal Services page, or please contact either our Property Manager, Felicity Parker, or any of our Partners on 01796 472606 or at firstname.lastname@example.org.