The CIOT has responded to the Scottish government’s consultation on draft legislation to revise the additional dwelling supplement (ADS) rules – principally to extend key timelines, disregard certain inherited properties and certain small shares in property, and deal with joint buyer situations. The changes will be introduced by the Land and Buildings Transaction Tax (Miscellaneous Amendments) (Scotland) Order 2024 which is currently available in draft.
The CIOT highlights two concerns:
Extending the relevant purchase/sale deadlines from 18 to 36 months, the £40,000 small shares threshold and provisions for separating couples and joint buyers are all broadly in line with expectations following previous consultations, says the CIOT.
The CIOT has responded to the Scottish government’s consultation on draft legislation to revise the additional dwelling supplement (ADS) rules – principally to extend key timelines, disregard certain inherited properties and certain small shares in property, and deal with joint buyer situations. The changes will be introduced by the Land and Buildings Transaction Tax (Miscellaneous Amendments) (Scotland) Order 2024 which is currently available in draft.
The CIOT highlights two concerns:
Extending the relevant purchase/sale deadlines from 18 to 36 months, the £40,000 small shares threshold and provisions for separating couples and joint buyers are all broadly in line with expectations following previous consultations, says the CIOT.