New tax for BTL and second homes in Scotland

December 17, 2015

It is not surprising that when George Osborne announced the additional 3% stamp duty for buy-to-let and holiday homes starting next April,  there was little critiscm from over the border as there normally is when any new tax  is introduced by Westminster.

The Scottish Government has now also decided  to introduce an additional 3% tax on buy-to-let and holiday homes valued at more than £40,000, this was confirmed by  Finance Minister John Swinney.

That would mean for a second home costing £250,000 there would be an increase from £2,100 up to  £9,600, for a £500,000 purchase it will increase  from £23,350 to £38,350.

Mr Swinney said the move was ‘proportionate and fair’, adding that it would make it easier for first-time buyers to enter the housing market.

He warned middle-income families he would come for them after the Scottish parliament elections in five months, vowing to introduce a ‘progressive’ system next year.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Home and Living

Choosing the Perfect Wooden Fence for Your Backyard

Looking to transform your backyard with a beautiful wooden fence? You’re not alone. Many homeowners in Dane County find themselves overwhelmed by the sheer variety of wooden fence options available today. As a wood fence company in Dane County, Solid Fence Co. has helped countless property owners navigate these choices to find the perfect backyard…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker

Average rates for 2-year and 5-year fixed-rate mortgages Term Average rate Weekly change Yearly change 2-year fixed 4.61% -0.02% -0.80% 5-year fixed 4.59% -0.01% -0.42% Lowest rates for 2-year and 5-year fixed-rate mortgages Term Lowest rate Weekly change Yearly change 2-year fixed 3.72% +0.00% -1.03% 5-year fixed 3.78% +0.00% -0.56% Average fixed-term mortgage rates for…
Read More →
Breaking News

Spotahome Bags €5 Million to Grow Its Game-Changing Rental Platform

You’ve just landed a new job in Berlin. Exciting, right? Except now you’re stuck halfway across the world, scrolling through sketchy listings, trying to rent an apartment you’ve never seen from someone you don’t trust. It’s stressful, confusing, and, honestly, pretty common. That’s the exact problem Spotahome was built to solve, and they’ve just raised…
Read More →
Rightmove logo
Breaking News

Increase in US buyers enquiring about homes for sale in UK

New analysis shows an increasing number of people from the United States have been enquiring about homes for sale in the UK since the start of the year: There’s been an 19% increase in enquiries from the US to the UK compared to last year, and the highest number since 2017 The majority (47%) of…
Read More →
Breaking News

Appropriate rental homes disproportionate to growing number of older renters

Disabled and older renters in the UK’s Private Rented Sector face significant challenges finding and accessing suitable accommodation, says the industry body. Propertymark, the leading professional body for estate and letting agents, has highlighted an increasing concern in the private rented sector as the disparity in bungalows available to rent impacts the growing number of…
Read More →
Breaking News

Mortgage arrears and possessions Q1 2025

UK Finance today releases its latest mortgage arrears and possessions data for Q1 2025, while highlighting continuing lender support for any customers facing financial difficulty. Key information: The number of homeowner mortgages in arrears fell by two per cent in Q1 2025 compared to the previous quarter. The number of buy-to-let (BTL) mortgages in arrears…
Read More →