Dec
21

Xmas Closure

CHRISTMAS AND NEW YEAR HOLIDAYS This office will be closed from 12.30pm on Wednesday 23rd December 2015 until 9.00am on Tuesday 5th January 2016

J & G Wilson would like to thanks all our clients for their loyalty and support again during 2015. It has been a very busy successful year with a robust house sales market as confidence in the market has continued to grow. We hope to see 2016 going on to be even stronger. We would like to wish all our clients a very Merry Xmas and a Happy New Year.

J & G Wilson would like to welcome our newest member of staff Nicola Elliott who is joining our team as an Associate Solicitor. Nicola qualified in 2004 has a diverse and varied background in law, first cutting her teeth on private practice dealing with all types of domestic law and has also worked for a time in the public sector giving her a wealth of experience. To contact Nicola email: n.elliott@jgwilson.co.uk

Registers of Scotland (RoS) is to work with Scottish Land and Estates to make sure that landowners in Scotland are part of the process that will see all privately owned land registered and mapped by 2024. The Scottish Government has asked RoS to complete the country’s land register by 2024 for privately owned land and property and by 2019 for publicly owned titles. At the moment, around 58% of all Scottish properties are on the register and around 27% of Scotland’s land mass. Almost all the remaining properties are held on the General Register of Sasines. Property currently transfers from the Sasine to the Land Register through change in ownership, or by the owner voluntarily applying for registration. However from April next year this register will close to standard securities, such as a remortgage, and any change to title will automatically come on to the land register.

In his latest budget the Chancellor made the following announcements which impact upon landlords of residential properties:- Restricting finance cost relief for landlords The government will restrict the relief on finance costs, including mortgage interest payments, available to individual landlords of residential property to the basic rate of tax. The restriction will be phased in over a 4 year period, starting from April 2017. Wear and tear allowance changes The government will replace the existing wear and tear allowance with a new relief that will allow all residential landlords to deduct the actual cost of replacing furnishings from April 2016. Capital allowances will continue to apply to landlords of furnished holiday lets. A technical consultation will be published on the new relief before the summer.

In October of this year the Scottish government introduced and new tax the Land and Buildings Transaction Tax to replace the SDLT stamp duty tax. In simple terms, no tax will be paid on properties sales up to the value of £135,000 taking many out of taxation altogether, property sales up to the value of £324,300 will pay less tax but transactions over this threshold will pay more tax. For more information on this tax visit

http://www.legislation.gov.uk/asp/2013/11/contents/enacted