Additional tax will be payable from today (Friday 25th January 2019), if you plan to invest in a second property, for example a buy to let, a flat for your child while at University or as a holiday home. As of today, the government is raising the tax you are required to pay from 3% to 4% of the purchase price.
The Additional Dwelling Supplement (ADS) is a tax payable to Revenue Scotland on the purchase of a second property over the value of £40,000. Introduced in 2016, the rate of ADS has remained steady at 3%. However as of today, Friday 25th January 2019, it will rise by 1%.
ADS rules can be difficult to navigate and they apply in many different circumstances. If you require advice on ADS or any other property matter please contact Stephen Mullan or Jenna McLaughlan at Oracle law on 0141 404 1091.