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Property

Property

Beware! Three-yearly Returns for Leases under LBTT

Stuart Gardiner

Whilst Land and Buildings Transaction Tax (“LBTT”) in Scotland is broadly similar in nature to Stamp Duty Land Tax (“SDLT”) which applies within the rest of the UK, there are some key differences between the two regimes. This is perhaps most apparent in relation to non-residential leases, whereby there is a requirement under LBTT for a tenant to submit returns on a three-yearly basis throughout the period of the lease (in addition to when a lease is assigned or terminated).

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Could Augmented Reality Save the High Street?

Graeme Bradshaw talks tech and the high street
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Model Tenancy Agreement now Available for New Residential Tenancies

Further to the new Private Residential Tenancy (“PRT”) regime which comes into force on 1 Dec 2017, the Scottish Government has now published the Model Tenancy Agreement which they had promised to introduce as a suggested template for new PRT agreements.

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Breaking News: The End of the Road for the Strategic Transport Fund

The Supreme Court has this morning found that the Strategic Transport Fund which was put in place by Aberdeen City and Shire Strategic Development Planning Authority is unlawful (read the judgment here). This decision upholds the judgment of the Court of Session issued last year.

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Rental Income Guarantee Scheme Designed to Facilitate Growth

The official launch by the Scottish Futures Trust (SFT) of the Scottish Government’s Private Rental Sector, Rental Income Guarantee Scheme (RIGS) is timely and should be well received by all those involved in Build to Rent developments in Scotland.

The guarantee was born out of extensive consultation with the industry, including the housebuilding industry body, Homes for Scotland, and is designed to tackle a key area of risk for Build to Rent investors – the initial rent stabilisation period.  Given this is an emerging sector, there can often b

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Changes to the private rented sector as of 1 Dec 2017

The Scottish Government has confirmed that a new form of Scottish residential tenancy known as the private residential tenancy (“PRT”) will come into force on 1 Dec 2017 when the main provisions of the Private Housing (Tenancies) (Scotland) Act 2016 (the “Act”) take effect. The Act applies to any new private rented sector tenancy from 1 Dec 2017.

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“Come to Scotland. Invest in Scotland, and grow your business in Scotland”

The Scottish government has now formally responded on the Barclay Review report, and set out what recommendations they will seek to implement.

While Finance Secretary, Derek Mackay might fall short of satisfying every lobby group, he has recognised that Scotland’s rates systems needs modernised and in doing so, a fair and competitive environment created.  As someone who has previously toiled to praise the Holyrood government, I think they have called this correctly and Derek Mackay should be commended for doing so. 

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Scottish High Street Suffering – Then Let’s Rethink the Plan….

Graeme Bradshaw

The Scottish Retail Consortium recently reported that almost one in ten retail premises in Scotland now lies empty.  Retail footfall in Scotland fell in July and there are a dwindling number of months in any year where any growth at all is evident.
 
Perhaps unexpectedly, shopping centres are faring worst of all.  While the fall seen in Scottish high streets (-0.6% in July) is slightly less arresting it carries on a trend that has been seen over many years.  Significantly, footfall in retail parks saw a healthy increase in the same period.
 
While this i

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LBTT: Beware Intra-Group Transfers

Revenue Scotland have confirmed, in a formal Opinion, that where a parent company has given a lender a pledge over shares in its subsidiary by way of security, this will deny LBTT group relief on any transfers of Scottish property to that subsidiary by the parent.  This reasoning would logically also extend to transfers to that subsidiary from other group companies.  This represents a material difference in the treatment of such Scottish land transactions compared to similar transfers in the rest of the UK under the SDLT regime. 

The discrepancy stems from difference

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Scottish Government Issues Position Statement on Planning Reforms

Emma Dewar

The Scottish Government has published its Position Statement on proposed changes to the Scottish planning system.  This follows the consultation on the Scottish Government’s Places, People and Planning White Paper.

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