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News Release

Edinburgh

JLL comments on the introduction of Land and Buildings Transaction Tax


 

EDINBURGH, 1 April 2015Alasdair Humphery, Lead Director Scotland for JLL, said: “The introduction of Land and Buildings Transaction Tax in Scotland brings significant change to the property sector. Since the rates were announced, our main concern has been that the creation of a two tier system, which places Scotland at a disadvantage to the rest of the UK, would increase uncertainty amongst investors who are unnerved by the potential of further changes to the tax regime in Scotland. As changes come in to force it will be interesting to see how this affects the sector, and, as ever, our teams across Scotland will be on hand to provide insight and advice.”

Jason Hogg, Director Residential Scotland for JLL, said: “Today’s introduction of Land and Buildings Transaction Tax is encouraging news for first time buyers, particularly as we move into the last release of funding for Help to Buy in Scotland. However, middle class households, particularly in Edinburgh, Aberdeen and parts of Glasgow will be negatively impacted by the change. For these buyers and sellers, the market has been particularly busy in the run up to April but we expect the activity in this part of the market to return to more normal trading patterns as parties adjust to the new regime going forward.”​