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Inheritance Tax is a tax payable on your estate when you die. People often assume that inheritance tax only applies to the very rich, but with rising house prices in Scotland this isn’t the case. If your estate is above £325,000, you could be liable for this tax. Your estate can include your home, jewellery, savings, cars and even works of art. Inheritance tax planning is all about passing on your estate exactly as you intended – without HMRC taking too much.
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Land and Buildings Transaction Tax is the name given to the tax that you pay when purchasing or leasing Land and Properties in Scotland. This tax replaced the more familiar SDLT on 1st April 2015.
Any purchase of a property to the value of £40,000 and above must be notified to Revenue Scotland, even if there is no tax to pay on the transaction.
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With ever increasing demand and lack of supply driving values higher, rates of growth here have outpaced many other parts of the UK. Statistics show the average price of a property in Scotland in May 2019 was £152,801 – an increase of 2.8% on the same time last year.
During the spring months Brexit was still very much on everyone’s mind, however with the sun shining on Scotland and the summer hitting, the housing market in the area has been increasingly buoyant, with a continuous demand for all types of properties encouraging fresh confidence for both buyers and sellers.
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We are delighted to have been recently named as one of the top fundraisers in the UK after taking part in a charity will-writing campaign. A total of £7,650 was raised for the Will Aid scheme in its 30th anniversary year after writing 107 wills in exchange for a voluntary donation last November. Will Aid donations help many charities including actionaid, ageUK, British Red Cross, Christian Aid, NSPCC, Save the Children, SCIAF, Sightsavers & Trocaire.
Thanks to all our clients who participated in the offer, Will Aid will run again in November this year.
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We are delighted to announce the promotion of one of our solicitors, Emma Lawrie, to the position of Associate. Emma has been a solicitor with the firm since 2016 and has become an indispensable member of our team. We hope you will join us in congratulating Emma on her well-deserved promotion!
Why sell with us?
Here are some of the reasons you should trust Blackwood & Smith to sell your house:
- Experienced estate agents with comprehensive knowledge of the local market
- Traditional advertising in our High Street Property Shop
- Extensive online marketing as well as on Social Media
- Access to ESPC marketing not available to non-Solicitor Estate Agents
- Estate Agency and Conveyancing provided under one roof
