7 May
2021

Scottish Government revises property tax after UK stamp duty changes

first_imgDeputy First Minister John Swinney has announced a series of changes to the Land and Buildings Transaction Tax (LBTT) – which will replace stamp duty for homebuyers in Scotland – following Chancellor George Osborne’s amends to stamp duty in his Autumn Statement in December.Among the headline amendments, is the fact that homes in Scotland worth up to £145,000 will not now attract any tax, up from the previously proposed £135,000.For sales between £145,000 and £250,000, a tax rate of 2 per cent will be applied, with the introduction of a new rate of 5 per cent between £250,000 and £325,000.Mr Swinney had previously planned a tax rate of 10 per cent on residential properties sold for between £250,000 and £1 million – prompting concerns that those acquiring family homes could be hit.However, the 10 per cent rate will be applied to properties valued between £325,000 and £750,000.The top rate of 12 per cent – which was previously going to apply to residential properties worth in excess of £1 million – will now take effect from £750,000.The Deputy First Minister defended the Scottish national Party’s (SNP) decision to change the taxes following the Chancellor’s surprise decision to reform UK stamp duty.“The Chancellor of the Exchequer, having had years and years to reform stamp duty land tax, took two months to look at Scotland’s reforms and said ‘that looks like a good idea, I’m going to do that for the rest of the United Kingdom’,” said Swinney (left).The property tax review announced last week by Swinney was deemed disappointing news for buyers and sellers of Scottish homes by estate agency Strutt & Parker.While the changes to the LBTT rates could boost the market for first-time buyers and the lower end of the sector, Strutt & Parker believe that the middle sector of the market will suffer under the introduction of the new house sales tax which will replace Stamp Duty Land Tax in Scotland on April 1.Andrew Rettie (right), Head of Estate Agency for Strutt & Parker in Scotland, commented: “While LBTT will help first-time – the average price of a house in Scotland is £170,000 – it has been widely derided as an unfair attack on families and a punitive tax on aspiration, particularly in the affluent centres of Glasgow, Edinburgh and Aberdeen. The changes announced [last week] are no better.“Strutt & Parker backed the Scottish Conservatives’ proposals for the introduction of a mid-tier rate of five per cent between £250,001 and £500,000 and we were hopeful that Mr Swinney would introduce something along those lines but while this review offers a concession to the lower end of the market it is a blow to everyone else and a missed opportunity to provide a fillip to the property. If families can’t upsize because of the increase in tax, they will not sell, leading to a stalemate in the middle of the market, which is really the engine room of a thriving housing sector.”Commenting on the revised LLBTT, Philip Hogg, Chief Executive of home building industry body, Homes for Scotland, said: “We are pleased that the Deputy First Minister has paid some notice to our call for the introduction of a new intermediate band with the five per cent rate for property purchases between £250,000 and £325,000.”Mr Hogg also welcomed additional support at market entry level, but insisted that a healthy, functioning market for all price brackets is needed.“It therefore remains to be seen whether the sharp ten per cent increase for purchases above £325,000 could still prove too punitive on growing families and aspirational movers, leading them to stay put and others unable to progress up the housing ladder,” he added.Knight Frank has welcomed the fact that the Scottish Government has decided to revise the LBTT rates.“The changes will help lessen the tax burden of those purchasing fairly modest family homes in core locations of Scotland,” said Oliver Knight (right), Knight Frank Residential Research.“Under the original LBTT rates, homebuyers in Edinburgh, Aberdeen and parts of Glasgow – where prices for larger family houses tend to be higher – would all have seen a sharp rise in the up-front cost of moving.”“The new LBTT rates mean that the threshold at which buyers will pay more tax compared to the current UK stamp duty system has risen from £254,000 to £330,000,” he added.Edward Douglas-Home, Head of Edinburgh City Sales at Knight Frank, concurred: “The new rates are likely to be welcomed by homebuyers, especially in Edinburgh where the cost of housing is higher relative to the rest of the country. The biggest beneficiaries will be middle income families looking to move up the housing ladder.“The average cost of a detached family home in Edinburgh is around £390,000, rising to a lot more in some parts of the city, such as in Morningside, The Grange and Murrayfield, as well as for the terraced town houses of New Town and the West End. Under the original rates proposed a property of this value would have been liable for a £16,300 tax bill. The revised rates mean the LBTT charge for the same property will now be £12,350 or 24 per cent less.“The new bands should help to keep the market fluid and ensure that the recovery in prices and transactions that we have seen over the few years continues.”property tax Scotland stamp duty January 28, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Scottish Government revises property tax after UK stamp duty changes previous nextRegulation & LawScottish Government revises property tax after UK stamp duty changes28th January 20150656 Viewslast_img read more

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20 Nov
2020

Alicia Keys Explains Why She Stopped Wearing Makeup

first_imgShe continued that wearing braids even still makes her feel like royalty. “There’s something so beautiful about the Blackness of it, about my African ancestry that I just feel truly connected to.”Listen on Spotify to Get Tressed With Us to get the details of every hair love affair in Hollywood, from the hits and misses on the red carpet to your favorite celebrities’ street style ‘dos (and don’ts!) Alicia Keys on Why She Stopped Wearing Makeup: 'I Became Addicted to It'“Make-up was a big thing for me; I had been wearing it since I was, like, 16 years old,” she said in the autumn/winter 2020 Glamour U.K. issue. “And then, as I got into the music world, it was what you did every day to do your television, or to do your shoot.” She began wearing makeup, not out of pleasure, but because she thought that’s what she had to do.“I realized I became addicted to it,” she explained. “I didn’t feel comfortable without it.”- Advertisement – With that being said, the hitmaker has always known how to uphold her individual sense of identity. “The pressure to try to [get me to] wear more dressy things… that just wasn’t who I was and it will never be who I am,” she told the publication. “And even as I grow now, and can truly feel comfortable in multiple ways and styles, I still am who I am. So, I was happy that I was pretty strong from the beginning. And my management early on was always very supportive about that.”Another thing she’s maintained a strong attachment to is braids, thanks to the hairstyle’s cultural connection.“Hair is such a gorgeous expression of our individuality and deserves to be respected,” she said. “I’ve always been proud of wearing braids and I love learning about the power of hair.”- Advertisement – – Advertisement – Alicia Keys on Why She Stopped Wearing Makeup: 'I Became Addicted to It'Alicia Keys. Matt Baron/ShutterstockOur no makeup queen! It’s no secret that Alicia Keys is a fresh-faced goddess, but there’s a reason the 39-year-old gave up wearing makeup a few years ago.Back in 2016, the “Girl on Fire” singer famously launched a #NoMakeup campaign to protest the judgement women face every day over their appearance. But it wasn’t just about fighting the good fight. There were also some personal protests behind her decision.- Advertisement –last_img read more

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16 Sep
2020

NBA Draft: The case for picking Andrew White

first_imgUPDATED: June 20, 2017 at 10:55 a.m.The case for drafting Andrew White goes like this: Dude gets buckets.Two weeks after a 3-point-laden NBA Finals, in which Cleveland had to pour in a Finals-record 24 triples to beat Golden State in just one game, White hopes that his shooting skill will convince a team to pick him during the NBA Draft on Thursday night at the Barclay’s Center in  Brooklyn. The draft begins at 7 p.m.Most projections have White, who last season set the single-season record for 3-pointers at Syracuse (112), going in the late-second round. This spring, White trained with Tyler Relph of Dr1ven Training, every day, in Dallas for an hour to an hour-and-a-half.Relph sees White’s NBA comparison as James Jones. The Ringer thinks Rodney Hood.AdvertisementThis is placeholder textThe Daily Orange builds a case here for NBA teams to draft White and find out if those comps could be correct.“He fits any place that needs shooting,” Relph said. “And in the way the NBA’s going, everywhere needs shooting.”Threat from beyond the arcAn NBA 3-point line is 23 feet, nine inches from the hoop — a three-foot increase from the college game and a transition that a shooter such as Andrew White doesn’t worry about making.All season long, White launched long-range shots and made 40.3 percent of his 278 attempts from deep. Last season, only 10 NBA players with 50 3-point attempts or more shot better than 40 percent.At SU, opponents regularly rushed defenders to White if he got the ball four feet or closer to the 3-point line, but it often didn’t matter. White’s elevation and high release point from a 6-foot-7 frame — another plus for White — separated him from the closest defenders.“I was impressed with his shooting while contested,” Relph said when asked what surprised him most about White. “He really doesn’t seem affected.”Nowhere was it more evident than in his final 3-pointer in a career-high, 40-point barrage on Senior Night against Georgia Tech. Late in the second half, White snagged a pass across his body and pulled up well behind the arc. GT’s Josh Okogie never had a chance. Facebook Twitter Google+ There’s every reason to believe White’s skills will translate to the next level. He provided evidence in a mid-June workout with Relph when White, albeit without a defender, knocked down 32 NBA-range 3-pointers in a row. Once opponents respect his jump shot, he opens up other facets of his team’s offense.“He’s a guy who comes off the bench and gives you good minutes,” Relph said. “He’s a good locker room guy and he gives you 3s.” Low-risk, high-reward investmentThe counterpoint to the knock on White’s age (he’s almost 24) is his experience, multiple mock drafts cited. He’s played in the Big Ten, Big 12 and ACC, arguably college basketball’s three best conferences, transferred twice and patiently sat out a year. He remained level-headed throughout shooting slumps and never seemed flustered on or off the floor.He showed a savvy approach before the 2016 draft by using his allotted month to gather information and think through his situation before ultimately deciding to return to college. White’s maturity impressed Relph. The trainer compared White’s persona to Los Angeles Lakers forward and fellow client Julius Randle, who sat out his rookie season following a leg injury in his first game.Maturity may not equate to on-court production, but in White, teams know what they’re getting.3-and-D potentialWhite’s skill set paired with his 6-foot-7, 210-pound frame makes him a candidate to become a 3-and-D contributor in a league that’s never shot more 3s and never needed more lengthy wings on defense. The caveat here is that White spent a year playing zone defense and major scouting reports unanimously regard him as an unpolished defender. Offensively, White fits a similar profile as Michael Gbinije did a year ago: An older, skilled player who can fill a role immediately to provide potential value in the late second round.Even if teams must stash White in the G-League, as the Detroit Pistons did Gbinije, they will always need shooting. White told DraftExpress he believes teams already think of him as a specialized 3-and-D player, and that he watched Golden State’s Klay Thompson and San Antonio’s Danny Green to model his game after theirs. He hasn’t fully embraced the tag, but whether or not he develops into a more all-around scorer is irrelevant right now. Teams should draft White for who he is.“If you can shoot it,” Relph said, “you’ve got a chance.”center_img Published on June 19, 2017 at 3:10 pm Contact Sam: [email protected] | @Sam4TR CORRECTION: In a previous version of this post, the start time for the NBA Draft was misstated. The draft begins at 7 p.m. EST. The Daily Orange regrets this error. Commentslast_img read more

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