DLA Piper to host free seminar on second home tax

DLA Piper will host a free seminar this Friday on the imminent changes to second home buying following the introduction of the extra charge for buy-to-let properties and second homes which was supported by MSPs last month.

Hosted by DLA Piper’s real estate practice, the breakfast seminar will take place from 8am on Friday 11 March at the firm’s Edinburgh office.

Mark Burgess, tax partner at DLA Piper will present an update on tax issues in the PRS and student accommodation sector in the UK as well as looking at the 3 per cent LBTT and SDLT supplements on purchases of “additional” residential property above £40,000, which are due to be introduced on 1 April 2016.

Unveiled by Finance Secretary John Swinney during his draft budget in February 2016,Holyrood’s Finance Committee backed the new supplement before warning the change must be closely monitored to avoid unintended consequences.

The legislation’s main aim is to create a fairer playing field for first-time buyers in Scotland.

Drew Wallace, head of DLA Piper’s real estate practice in Scotland (pictured right), said: “This event is a great opportunity for Scotland’s property industry to discuss imminent changes and predict the knock-on effect on the wider market as we move past 1 April. Surveyors, architects, developers and the public sector are all keenly trying to predict the future, with many suggesting a dampening of sales transactions and a downgrading of prices throughout the housing market, which has the potential to create a reduction in tax receipts to the Scottish Government.”

The seminar will qualify for 45 minutes of CPD. Registration will take place and breakfast will be available from 8am and the event finishes at 9.30am.

To register, contact Angela Saunders at angela.saunders@dlapiper.com

DLA Piper is located at Collins House, Rutland Square, Edinburgh.