10 Jul 2017
WATCH: Experts explain biggest shake-up facing landlords in 30 years
More than 200 people packed an Aberdeen hotel last month to hear about 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 hosted a free event to help those with multiple properties prepare for a raft of new tax and legislation changes coming into force this year.
Experts from both businesses offered helpful advice on what landlords can do to mitigate the impact in the coming months.
Here are some video highlights from the event outlining the changes facing landlords. If you would like to speak to a member of our team about any of the changes, click here.
Tax changes affecting landlords
The conference also heard from tax experts at Derek Mitchell and Stuart Petrie from Anderson Anderson Brown LLP.
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
Here's what they told the conference...
New tenancy rules shake-up
The biggest change facing landlords is 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.
Here's what Adrian Sangster, National Leasing Director at Aberdein Considine, told delegates...
Investment options for landlords
Allan Gardner, Financial Services Director at Aberdein Consindine, weighed up the investment pros and cons of property vs pension at the event.
Here's his views....
Buy-to-let mortgage latest
Delegates also heard from one of Aberdein Considine's independent mortgage advisers, Rory Taylor, about the latest buy-to-let remortgage rates.
Here's what he said...
Scotland's property experts
If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.
We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.
If you would like to speak to a member of our team, call 0333 0066 333 or click here.
* Your home may be repossessed if you do not keep up repayments on your mortgage.