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