New tax for BTL and second homes in Scotland

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.

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