Latest News

Propertymark's predictions for 2019

12 December 2018

Last week, we took a look back at 2018 and analysed how the market has changed over the last 12 months, but today we're peeking into our crystal ball, to see what's to come in 2019. Read More...

Is Help to Buy distorting the market?

12 December 2018

Last month, Government figures reported that more than 400,000 people have now been able to purchase their first home by using one or more Help to Buy scheme. Read More...

Northern Ireland's House Price Index continues to rise

10 December 2018

Northern Ireland's latest quarterly figures, released by Land and Property Services, evidence the continuing growth in the sales market in Northern Ireland as a whole. Read More...

 

Scottish Government call for views on LBTT tax relief amendment

Friday 05 January 2018

The Scottish Government are looking for views on backdating additional dwelling support payments to address a loophole in the original Bill.

The Scottish Government introduced the Land and Buildings Transaction Tax (Relief from Additional Amount) (Scotland) Bill on 13 November 2017. The Bill allows buyers to reclaim Additional Dwelling Supplement (ADS) payments retrospectively where a couple jointly buy a home to replace a dwelling in which they both lived, but where only one name was listed on the title deeds.

The Land and Buildings Transaction Tax (Additional Amount-Second Homes Main Residence Relief) (Scotland) Order 2017 was introduced to give full effect to the policy intention of the Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 to treat married couples, those in a civil partnership and those living as if a married couple as one economic unit for the purposes of ADS.

The ADS is not chargeable if the buyer is replacing the buyer’s only or main residence, however prior to this Order coming into force, it was chargeable if couples were jointly buying a home to replace a home that was only owned by one of them. The Order allowed that in these circumstances, the ADS paid as two dwellings were owned, could now be reclaimed despite only one name being on the title deeds to the former main residence, however it only applies to transactions where the contract was entered into on or after 20 May 2017.

This Bill gives retrospective effect, covering the period and transitional arrangements as provided for by the 2016 Act and the 2017 Order, to the 2017 Order, enabling buyers who paid the ADS to reclaim this amount, dating back to 28 January 2016.

Your views

The Finance and Constitution Committee is the lead Committee responsible for scrutiny of the Bill. Accordingly, the Committee would be interested in hearing your views on the Bill. The closing date is Friday 19 January 2018 and all responses should be forwarded to Propertymark's Policy and Campaigns Officer, Tim Douglas

Alternatively responses can be sent electronically (in Word format) directly to finance.constitution@parliament.scot