The simple answer will be “YES” if you reside in Scotland and therefore have a Scottish address (see more on this below).
The Land Reform (Scotland) Act 2016 (“the Act”) was enacted just over a year ago on 22 April 2016. The Act is being brought into force in stages by secondary legislation. So far, five Commencement Orders have been made, implementing various parts of the Act and further Orders are expected this year and next.
What looked to be the longest Finance Bill in history has been whittled down to a shadow of its former self with the Government deciding to remove a staggering 72 of the planned 135 clauses which equates to over half of the Finance Bill being postponed until after the UK General Election in June.
Since 6 April a major change to inheritance tax (IHT) law came into effect with the launch of the Residence Nil Rate Band (RNRB). More commonly known as the 'family home allowance'the Residence Nil Rate Band is an additional inheritance tax relief which will be available when a main residence passes on death to a direct descendant.
Personal Allowance – The government reaffirmed its commitment to raise the personal allowance to £12,500 which has been confirmed with the personal allowance increasing to £11,500 from April 2017. This move, as highlighted in previous Budgets, will continue the government’s commitment to increase the personal allowance by more than inflation with 2017/18 being the seventh consecutive year this has occurred.