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News Release

Edinburgh

JLL Reaction to the Smith Commission’s Recommendations for Further Devolution in Scotland

Alasdair Humphery comments on the Smith Commission’s recommendations


Edinburgh, 28 November 2014 – Commenting on the Smith Commission’s recommendations published on 19 November, Alasdair Humphery, Lead Director, JLL in Scotland said:

“From the national debate on Scottish Independence through to ongoing discussions around further devolution, JLL has always believed that a level playing field across the UK is the most sustainable way to stimulate economic growth and support Scotland’s key commercial property markets, particularly in the big three cities of Aberdeen, Edinburgh and Glasgow.

“The recent introduction of Land and Buildings Transaction Tax to replace Stamp Duty in Scotland already looks set to put Scotland at a potential disadvantage to the rest of the UK, acknowledging that it will take time to understand its impact on valuation, particularly on yields. So the Smith Commission’s recommendation that corporation tax remains a reserved power is a welcome step to ensuring some degree of fiscal consistency for business across the UK.

“As negotiations over further devolution continue, it is crucial that we have a funding and fiscal regime which continues to support those businesses who want to invest or operate in Scotland.”