Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
It is that time of year again where children across the world will be on their best behaviour in the hope that Santa will bring them everything on their Santa wish list come 25 December.
Philip Hammond delivered his first and last Autumn statement, and announced that as of next year the UK will have an annual Budget in the Autumn. The Spring 2017 Budget will be the final Budget to be held at that time. He stated that “No other major economy makes hundreds of tax changes twice a year, and neither should we"
As of 1 April 2016, the Land and Buildings Transaction Tax (Amendment) (Scotland) Act 2016 (“the Act”) introduced the Additional Dwelling Supplement (ADS) being an additional amount of Land & Buildings Transaction Tax (LBTT) payable when a residential property in excess of £40,000 is purchased in Scotland and ‘ a) at the end of the day that is the effective date of the transaction, the buyer owns more than one dwelling in Scotland or elsewhere and b) the buyer is not replacing their only or main residence’.
With the 31st October paper filing deadline fast approaching, there is still time to have your tax affairs for the year to 5th April 2016 reviewed. If you don't already complete a Self Assessment Tax Return you may not realise that perhaps you should be.
The Annual Tax on Enveloped Dwellings (“ATED”) was introduced in April 2013 as part of a series of measures designed to discourage corporate ownership of UK residential property.
