24 Feb 2016
Policy area: Finance
The Scottish Property Federation (SPF) has welcomed the Scottish Government’s decision to exempt transactions of six or more homes from the additional 3% LBTT surcharge.
The SPF advocated such an exemption in its written and oral evidence to the Finance Committee, in order to support large scale PRS investors, SME housebuilders, and property entrepreneurs.
The Holyrood’s Finance Committee recommended the exemption, which was yesterday accepted by the Scottish Government.
David Melhuish, director of the Scottish Property Federation, commented: “We believe that there should be an exemption set for larger scale transactions of six or more properties, and we are pleased that the Scottish Government has listened to our concerns and brought in the exemption.
“Significant large scale investment by institutional funds has the potential to really help to boost housing supply in Scotland, and this move will particularly help the emerging build to rent sector. Without these recommendations, SME house-builders who were devastated by the financial crash, would have been severely constrained in attracting finance and investment to take forward future development projects.”