From April 2015, Stamp Duty on purchasing a home will be replaced by the Land and Buildings Transaction Tax (LBTT). While people buying homes for under £325,000 will pay less tax than previously, those purchasing properties above £325,000 will pay more.
Simpson & Marwick’s Residential Property Partner, Dave Geddie explains, ‘Since the LBTT announcement, we’ve seen a higher level of transactions in the upper middle and upper sectors of the market. People buying a £300,000 property will save £1,700 under the new regime, while there will be an increased tax burden of £12,300 for a £500,000 home and at £750,000 an additional £22,300 will be payable. As a consequence, we anticipate higher than normal levels of activity from now till April.’
Simpson and Marwick have been awarded Residential Property Team of the Year in the Scott & Co, Legal Awards and Firm of the Year in the Law Awards of Scotland in 2014.