22 Jun 2017
More than 200 people pack Aberdeen Landlord Conference
More than 200 people packed an Aberdeen hotel this morning 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.
New Scottish tenancy
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.
Adrian Sangster, National Leasing Director at Aberdein Considine, told delegates: “The introduction of this new tenancy, in addition to the tax changes, will affect all landlords letting property in Scotland therefore it’s essential they have an agent who can offer them the support of some of the most experienced lettings, legal and financial professionals in the country. “
Tax changes
The conference also heard from tax experts at Derek Mitchell and Stuart Petrie from Anderson Anderson Brown LLP
- 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
Mr Petrie said: “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 also heard 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.
Did you miss out?
If you were unable to make the event this morning, don't worry. We had a camera crew filming all presentations and will shortly be putting them live on this website.
If you would like to be notified when they are available, click here.