02 Jun 2017
Aberdeen conference to examine "100% tax hike" facing landlords
A special conference is being held in Aberdeen to help landlords facing the biggest shake-up of Scotland's letting industry in 30 years.
Tax experts from Anderson Anderson Brown LLP and letting industry specialists from Aberdein Considine are hosting a free event to help those with multiple properties prepare a raft of new tax and legislation changes coming into force this year.
The Aberdeen Landlord Conference will give landlords the chance to learn about the changes directly from the experts and offer them helpful advice on what they can do to mitigate the impact.
New Scottish tenancy
The biggest change facing landlords is the The Private Housing (Tenancies) (Scotland) Act 2016, which has introduced the Scottish Private Residential Tenancy, the new form of private tenancy for Scotland.
Under the new regime, tenancies will have no minimum period and will continue indefinitely unless the tenant wants to leave or the landlord terminates using a prescribed ground for eviction.
The ‘no fault’ ground of termination under Short Assured Tenancies (SAT) has been removed from landlords. You can read more about the new rules here.
Tax changes
The main recent tax changes facing landlords are:
- Restriction of tax relief on mortgage interest
- Additional Land & Building Transaction Taxes
- Abolition of Wear & Tear allowances
- Higher Capital Gains Tax rates
- Accelerated payment of Capital Gains Tax for Non Residents
- Increased reporting for UK property disposals by Non Residents
In terms of how much the tax cost will be, it’s very much dependent on individual circumstances. However, the restriction of tax relief on mortgages alone could double many individuals tax liabilities.
Delegates will also hear from Aberdein Considine's independent financial advisers about the latest buy-to-let remortgage rates and a host of other industry speakers offering insight into Scotland’s property sector, including from Citylets, ARLA Propertymark and Safe Deposits Scotland.
Register
If you would like to attend the conference, you can register for your free ticket by clicking here.