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Extra 3% Duty on Additional Homes

Tuesday, 2nd February, 2016

Scottish Finance Minister John Swinney is to introduce a 3% surcharge on the full purchase price of all additional properties - buy-to-let and holiday homes - from 1st of April.

Scotland had been the only part of the UK to which a similar 3% stamp duty surcharge had not been applied by Chancellor George Osborne in his Autumn statement.

Swinney now says that from April, for properties purchased for over 40,000 a similar 3% surcharge will be levied on the whole purchase price of the home, above 40,000.

This will be in addition to the Land and Buildings Transaction Tax charged in the usual way. LBTT is the Scottish replacement for stamp duty, introduced earlier this year.

"This will have implications for current landlords looking to sell as well as act as yet another deterrent to would-be landlords thinking about the market as an investment opportunity. This measure, like the LBTT rises introduced earlier this year, is also a wealth tax on owners as buyers of buy-to-lets will seek to pass on the extra purchase costs by reducing the price they are prepared to pay".




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