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Stamp duty surcharge needs clarification!

CKD Galbraith agency is demanding urgent clarification on a 3% tax levy as they believe there is general confusion amongst buyers, landlords and vendors.

Partner at CKD Galbraith, George Lorimer has said “Given the complete lack of real detail currently available about the new tax, those who do rush to buy or sell property before April are doing so without knowing exactly what the new rules will be. There are many anomalies requiring clarity but the silence from the Scottish Government has been deafening and there is little time left to debate the details of the new tax”.

He continues “Specific questions need to be answered on issues such as property owned by married couples and civil partners, second homes outside of the UK and also the logistics of joint purchases, just to name a few. Whilst as a firm we are well placed to advise our clients and those thinking of selling or buying before April, more information is urgently required to allow for informed decisions.”

The agency says that the surcharge, like the LBTT rises introduced earlier this year, will act as a wealth tax on owners, as buyers will seek to pass on the extra purchase costs by reducing the price they are prepared to pay.

 

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