3% levy on second homes

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Well, I was feeling slightly smug for a few weeks about Scotland not being affected by the 3% surcharge for buying a second home that was announced in the Autumn Statement, but despite the SNP’s avowed loathing of Westminster, they’ve not hesitated in going, ‘Oh, that’s a good idea,’ and doing exactly the same for LBTT (Land and Building Transactions Tax, our version of stamp duty).

Scottish Budget: New 3% levy for buying second homes

I’m really not sure what the recent flurry of legislation affecting landlords is supposed to do, other than reduce the amount of rental stock, thus pushing rents up.  Anyway, if my purchase looks like it’s going to get anywhere close to not completing by the date this comes in (unlikely, but then I thought I’d be six weeks into renovations by now!), I shall be strongly suggesting that the seller pays it.

Tax changes for residential landlords

My lovely accountants, the Long Partnership, have started their own YouTube channel and this week’s soundbite is about the tax changes for residential landlords.  Much food for thought and well worth two and a half minutes of your time.  I’m wondering if I should stick to holiday cottages rather than going into buy-to-let, as they’re not affected by the changes and there’s a wonderful local cleaning company who can do the changeovers for me.