3% Second Home Surcharge Guidance Published
The Scottish Government has following the passing of the Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 published detailed guidance on the Additional Dwellings Supplement levying a 3% tax on second homes.
This legislation has now passed and one of the key concepts to be aware of relates to main residence and more specifically the replacement of the Main residential home.
Some of the key points to be aware of:-
1. If you own a home anywhere outside Scotland then you need to consider this when purchasing in Scotland.
2. Landlords who have a rental or property business are exempt if they are “replacing their main residential home” providing they meet certain conditions.
3. Mixed properties require an assessment to be made on the residential element of the property.
Please contact us if you need assistance.