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The National
3 days ago
- Business
- The National
Scotland's budget is a disaster – but it's not just the UK's fault
There are many things wrong with the current devolution settlement, and Scotland will do immeasurably better as an independent Scotland, but the mantra that Westminster dictates Holyrood's Budget is not borne out by the legislation. For some reason, which I can only put down to a fear of taking responsibility for our economy, the Scottish Government and its Cosla colleagues spend inordinate time and effort and administrative costs carving out revenue-raising initiatives, the sum total of which may raise at best marginal amounts, via double Council Tax on second homes, licensing short-term tenancies, tourist taxes and now a cruise levy, while cavorting with the UK Government as the junior partner in twisted green (free) ports and levelling-up programmes. Apart from introducing Land and Buildings Transaction Tax as a tartan tribute act to Westminster's Stamp Duty Land Tax, the Scottish Government has singularly failed to use the powers of devolved taxes in the Scotland Act which even its own senior civil servants agree can be done. READ MORE: Why the UK media 180 on Gaza is too little, too late The powers relate to transactions on the acquisition of an interest in land, and as a result give the Scottish Government almost total control over the use of land as a source of public revenue. With the exception of our people, land is our most valuable and flexible resource which can be used to raise public funds to replace the block grant; to tax the pipes and cables of the energy companies; to lift everyone out of poverty; to transform land ownership both in rural and urban Scotland, and provide the surest of foundations to build our enterprising economy. Instead, we over-concentrate in inward investment which can depart somewhat more quickly than the painstaking efforts and subsidies used to bring it here in the first place. Inward investment extracts value from our economy for the benefit of the home states of the investors. Scots are a nation of Haves. Our income may buy less than before in comparison with other nations, but within the UK, we have the highest salaries outwith London and the south-east. The social contract between our government and our people provides many benefits and rights not enjoyed by the other three nations and our poverty levels are significantly less than theirs also. If we are to maintain the Scottish Government's propaganda that we are in some form of straitjacket then that's meat to those Unionists who proclaim that we are better off in the UK and are subsidised by it, precisely because independent analysis shows we are better off than most nations and regions in the UK. If we are really serious about independence, we must reject the block grant and raise and collect all public revenue in Scotland – then the subsidy claim is buried once and for all. The powers which we have under devolution can transform all lives and end poverty. Using them to put money in everyone's pocket will set us with self-confidence on the highway to independence as the potholes of Unionism descend into a vortex of despair. Graeme McCormick Arden MY wife and I will shortly make our 32nd visit to the Greek island of Rhodes. We love the Greek people and their determination to be free of the oppression by the Turks for more than 300 years. We were severely disappointed at the 2014 referendum 'No' vote and more so when we had the embarrassment of being offered the condolences of sympathetic Greek friends after that result. Every Sunday when we are in Rhodes, we witness a military parade to the national monument in which the Greek flag is lowered and their national anthem is sung by the crowd of local people and visitors. The Greeks revere their national flag whose nine stripes represent the nine syllables of their motto, in Greek 'Eleftheria i Thanatos', meaning 'Freedom or Death'! (Image: Danny Lawson) The Greeks actually FOUGHT for their independence, as did India, Ireland and almost all of the so-called 'British Empire'. Every time we witness that parade in Rhodes, we feel thoroughly ashamed of our compatriots who couldn't even find the courage to put an X on a ballot paper. Scotland the Brave? The Scottish people should get up off their knees and establish, not claim, their sovereign independence. It should be remembered that the so-called Union was enabled by a 'Parcel of Rogues', as Rabbie said! Jim McKenna East Kilbride WELL done to Kelly Given on her powerful assessment on the Gaza situation and the very belated criticism of Israel from the UK Government (Doing the right thing now does nothing for the dead, May 22). David Lammy described Israel's continued action as a new dark phase in the conflict. That was the case many months ago, but they said nothing except making weak statements about more aid needing to get in. Nothing about the wanton death and destruction which the UK is helping to facilitate. War crimes are war crimes whoever is responsible. I suspect UK Government ministers are now getting a bit nervous that they might be complicit if a war crimes trial ever comes to fruition. The UN investigations are ongoing, and even if there were a ceasefire tomorrow, these indictments don't go away. The Benjamin Netanyahu government has been testing how far it can go breaking international law for the past 18 months and has found it can get away with just about anything, shielded as it is by the US, which of course doesn't recognise the ICC. We're doing our bit out of Akrotiri, providing surveillance, as you highlighted in The National, as well as possibly helping the transport of weapons from the US to Israel. The UK Government said it's suspending trade talks with Israel. I didn't know there were any. Why would you want to trade with a regime guilty of war crimes? We stopped trading with Russia as soon as it invaded Ukraine. UK exports to Israel are around £3 billion and imports slightly less at £2.5bn, a relatively minor trading partner. While it's currently illegal for institutions to boycott Israeli goods, consumers are free to make their own decisions. Fruit and vegetables is one area to keep an eye on, as the origin is sometimes deliberately concealed. Another consumer area is moulded plastic, and there's quite a lot of plastic garden furniture and storage stocked by DIY stores and garden centres which are made in Israel, but you have to look very carefully to find the origin in the small print. When will justice be done? Hugh Walker Dunfermline MUCH is said, and rightly so, about large-scale electricity generators bespoiling the landscape. I feel that we would be better served by using marine generators to draw energy from tidal flow, particularly where narrows are formed such as at Corran and the nearby entrance to Loch Leven. One very good reason for using tidal generation is that the power will be produced for about 18 hours every day and not have downtime like wind generators. They can be small scale to power island or mainland rural communities which ideally will be locally publicly owned and operated, or large scale to feed a new Scotland grid. Another advantage is that high tides are at different times around Scotland's coast thereby giving a steady flow to the grid. As is the case of the marine generator at Strangford Lough in north-east Ireland, there is no impediment to shipping. We could also reset our thinking away from the mega size and think more about the micro scale. How many farms et cetera have a large burn flowing down, well capable of a decent output like the one which outlets into Loch Ard but can barely be seen? We could also make better use of our planning laws as I see new houses and buildings going up with perhaps as little as two or no solar panels PV. Or thermal. M Ross Aviemore LES Hunter (Letters, May 23) admirably articulates the Labour Theory of Property as expounded most notably by John Locke. Nobody can claim outright ownership of the gifts of nature (or God, if you will); only artefacts can rightly be deemed legitimate property. But then the socialist planner in Les takes over, demanding that the whole country be taken into public ownership when this is already the case (the only real landowner is the state, which claims eminent domain). And private hospitals, schools etc should certainly not be exempt from a land-use levy. We could rely on Adam Smith's 'invisible hand' to regulate land questions fairly, if only the state would create a level playing field, ending monopoly and speculation by fully recovering site values for revenue. George Morton Rosyth 'FIVE More Years' of John Swinney would be the death knell of the declining impetus in the independence campaign. The SNP Government should delete the N for National and insert D for Devolution, as they are like nodding dogs towards corrupt Westminster. We need a political body with the word 'independence' at the forefront of its targeted programme. It is years behind time that the current government will have to reform its attitude if it is to establish Scotland as a country and not a county, being pillaged of its assets by the despicable Unionist governments in England. Sandy Coghill Isle of Skye IT'S time to ditch Crown immunity. No-one is above the law, even government ministers. When will the British government stop its long history of aiding, abetting and committing genocidal clearance? The list is not exhaustive. Not unlike Gaza ... they spent the 1700s and 1800s either committing genocide or clearance against the Scots, let one million Irish starve in the 1840s by failing to assist them and exporting the little food they had to England (causing en masse emigration), backed the Nigerian government in the 1960s which led to mass starvation and genocide in Biafra. They pushed for less of a UN troop presence in Rwanda in the 1990s which led to genocide, bombed Iraq on false pretences killing half a million between 2003-2011 for access to oil wells and now Westminster is backing genocide in Palestine. A quarter of MPs have been financially backed by Israel, thus giving Israel massive influence over UK policy-making. Yet, none of this represents the vast majority of British voters. So, if our MPs are not representing us, who are they representing? If the Northern Irish, Welsh and Scots have any sense, they will make the three devolved governments come together and agree to hold a referendum on freedom on the same day for each nation. It's time to kick the British government out. R McCallum Dalry
Scotsman
19-05-2025
- Business
- Scotsman
Two countries divided by real estate policies
What Scotland can learn from UK Government incentives and regulatory changes Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The real estate markets in Scotland and England present unique challenges and opportunities driven by marked differences in taxation, policy, and governance which influence investment and growth in their respective landscapes. Scotland is a compelling destination for real estate investment, but various challenges have hampered its potential. Conversely, despite rising prices and cost inflation, England and particularly London and the south-east, continue to attract domestic and international investors. Advertisement Hide Ad Advertisement Hide Ad Property taxation is one of the most marked differences. Scotland adopted Land and Buildings Transaction Tax (LBTT) while Stamp Duty Land Tax (SDLT) remains applicable in England. Fundamentally, LBTT is designed to be more progressive but higher tax rates for more expensive properties arguably deters investment in what is a critical segment for market vitality. It has also driven higher average tax rates in the commercial property sector in Scotland. Barry McKeown says government policy has significant influence on investment in Scottish real estate In contrast, SDLT in England has seen a series of adjustments intended to stimulate the housing market, which have helped to sustain market activity, particularly in challenging economic times. Government policy also has significant influence. Recent policy changes by the UK government - including measures to accelerate the planning process, reduce bureaucratic hurdles and enable quicker commencement of construction projects - are designed to stimulate growth. A further measure has been a significant increase in funding for affordable housing projects, addressing the chronic short-fall in housing stock for lower-income families. The UK government has also incentivised developers to incorporate sustainable practices in projects, with tax breaks for environmentally friendly construction projects. Furthermore, community-led housing initiatives aim to empower local communities to develop housing solutions that fit their specific needs, while investment in urban regeneration programmes aims to revitalise neglected and underdeveloped areas. Advertisement Hide Ad Advertisement Hide Ad Conversely, in Scotland, systemic issues continue, with a housing crisis characterised by a shortage of affordable homes and rising homelessness. Recent regulatory controls like the 'rent freeze' have impacted on levels of private investment in the housing sector and arguably further exacerbated the problem. Recent proposed changes to include Purpose Built Student Accommodation (PBSA) within the sectors covered by the proposed Housing (Scotland) Bill will affect that sector in the same way the rent freeze all but killed Scotland's Build-to-Rent sector. Whilst the Scottish Government's aim to increase housing supply and investment in social housing is ongoing (and a key part of the recently announced Programme for Government), we urgently need a more streamlined planning process - with simplified planning regulations and clear, consistent policy frameworks to help attract private investment in the sector. We need less regulatory controls to attract investment and increase stock in the private rental sector. Proper consultation with the investment and development industry is essential to understand the massive impact such regulation can have. Real estate investment is crucial for economic growth. Enhanced support for private investment and targeted tax incentives are key to attracting investment and in turn will drive employment and stimulate local economies. Without question, maintaining investor confidence through stable and predictable policies is critical. Advertisement Hide Ad Advertisement Hide Ad Whilst both Scotland and England face distinct challenges in their respective real estate markets, UK Government policy initiatives in England specifically targeted at the real estate sector could yet offer invaluable insight. Strategic policy interventions, investor-friendly taxation and a focus on sustainable development can unlock substantial growth and investment opportunities and might help Scotland revitalise its own real estate sector, solve the housing crisis and deliver on a wider growth agenda.
Edinburgh Reporter
12-05-2025
- Business
- Edinburgh Reporter
What Does a Property Transfer Solicitor Do? A Beginner's Guide
A sale doesn't always transfer property ownership. It could change hands during a divorce, a family arrangement or after a death. In such cases, property transfer solicitors are very important to ensure that transfer of land or buildings from one party to another is done in a smooth, secure and in accordance with the current legislation. Photo by Towfiqu barbhuiya on Unsplash Understanding Ownership Transfers Property transfer is a process beyond a signature. This is a legal process of verifying ownership, drafting of formal documents, dealing with possible tax implications and registering changes with the relevant authorities. But when it is more than one party or more complex financial arrangements, each step must be perfect in alignment with the law. Reviewing Legal Title Before any changes are made official, a solicitor will scrutinise the property's title documents. This investigation uncovers such details as existing mortgages, legal charges, ownership restrictions or rights of way. Before moving ahead, any conflicting entries or missing information must be resolved. Drafting the Transfer Deed The solicitor prepares the legal form that officially alters ownership – usually a TR1 or TP1 document. These forms detail who is giving up the property and who is taking it on. They must be completed accurately, then signed and witnessed. Even a minor misstep in this documentation can create long-term legal issues. Managing Financial Interests If the property is still under mortgage, the transfer is usually subject to the approval of the lender. In these conversations, property transfer solicitors are facilitating consent, negotiating terms or helping to arrange for repayment if necessary. Lenders want to know that when ownership changes, their financial interest is not left unprotected. Ensuring Tax Compliance Not all transfers are exempt from tax. Depending on the value of the property and the nature of the transaction, Stamp Duty Land Tax may apply. For instance, adding a spouse to the deeds of a mortgaged property may still trigger a tax obligation. Solicitors identify these scenarios and often handle the filing of returns with HMRC. Coordinating with Third Parties Changes of ownership may need to involve other stakeholders, for example, managing agents for leasehold flats, housing associations in shared ownership schemes or trustees if the property is part of an estate. These communications are taken over by the solicitor who will ensure that necessary consents or notices are obtained. Registering the New Ownership Once the deed is signed and any tax paid, the final step involves applying to HM Land Registry to update the official record. This formal registration ensures that the new owner is legally recognised and protects against future disputes or fraud. When Do You Need a Property Transfer Solicitor? There's no one-size-fits-all answer. If you are transferring property between family members, removing someone from the deeds or formalising a gift, you may need legal support. There are other common scenarios, such as property adjustments in divorce, transfers after a death, or changes in connection with trusts and inheritance planning. Why Expertise Matters Property law is not forgiving of errors. A missed detail or incorrect filing could lead to delays, legal costs, or even invalid ownership. Choosing a solicitor with experience in title transfers ensures every step is carried out correctly, deadlines are met, and all legal responsibilities are fulfilled. Peace of Mind Through Professional Handling Shifting property from one name to another is simple enough, but there are legal aspects to ownership that must be taken into account. Property transfer solicitors serve as the compass through this terrain, helping their clients to protect their rights, remain compliant and avoid missteps. Their expertise ensures that your transfer is handled accurately and assuredly whether it is prompted by a life event or strategic planning. Like this: Like Related
Yahoo
01-05-2025
- Business
- Yahoo
Nationwide warning to anyone with a mortgage as house prices continue to fall
Nationwide Building Society has warned that house prices have continued to fall throughout April, though the trend could be about to turn in the summer. House prices fell last month with an average dip of 0.6% to 3.4% when compared to March's 3.9%; according to Nationwide, with the average property value in April stood at £270,752. Robert Gardner, the building society's chief economist, said: 'The softening in house price growth was to be expected, given the changes to stamp duty at the start of the month. Read more: Martin Lewis' MSE shares 3 digits you must dial when facing a scam 'Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations." While the market slowdown will be concerning to mortgage owners, the building society also predicted growth later in the summer. Mr Gardner added: 'Unemployment remains low, earnings are rising at a healthy pace in real terms (after accounting for inflation), household balance sheets are strong and borrowing costs are likely to moderate a little if (the Bank of England base rate) is lowered further in the coming quarters as we and most other analysts expect." One of the main reasons for this market cooldown has been pinned on the changes to stamp duty in England and Northern Ireland, with the market rushing to get ahead of it. Back in 2022, the government announced a temporary increase to the thresholds above which Stamp Duty Land Tax (SDLT) must be paid. This meant that stamp duty was only payable on properties with a value of £250,000 and above, though this ended on the 31st of March 2025. Nathan Emerson, the chief executive of Propertymark, is also hoping for a change in the market, saying that more home buyers are expected during the warmer months. He explained: 'Hopefully this month on month dip is only temporary. 'The spring and summer months normally spur on a flurry in housing activity, especially at a time when there are many competitive mortgage deals out there right now as a result of the reduction in interest rates last year.' Additionally, US President Donald Trump's sweeping tariffs have impacted the property market, with Karen Noye, a mortgage expert at Quilter, saying: 'The news of tariffs might start to spook would-be buyers as, once again, unpredictability seeps into the market. 'The enduring supply constraints continue to prop up prices, avoiding big drops, but the market's trajectory will depend on how the UK economy is impacted by the new policies coming from the United States.'
Euronews
02-04-2025
- Business
- Euronews
UK house price growth stays stagnant in March ahead of stamp duty hike
ADVERTISEMENT UK house price growth remained stable in March, unchanged from February, as buyers pulled back from deals concerned they would not complete before the stamp duty hike from 1 April. According to the Nationwide House Price Index released on Tuesday, on an annual basis, UK house prices stayed at 3.9%. Northern Ireland was the top performing area with annual price growth accelerating to 13.5%, while London was the weakest performing region with a 1.9% year-on-year rise. 'There was no change in prices month-on-month, after taking account of seasonal effects. These price trends are unsurprising, given the end of the stamp duty holiday at the end of March (transactions associated with mortgage approvals made in March, especially toward the end of the month, would be unlikely to complete before the deadline). 'Indeed, the market is likely to remain a little soft in the coming months since activity will have been brought forward to avoid the additional tax obligations – a pattern typically observed in the wake of the end of stamp duty holidays,' Robert Gardner, Nationwide's Chief Economist, said in the report. However, he said that activity is likely to pick up steadily as the summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive. 'The unemployment rate is low, earnings are rising at a healthy pace in real terms (i.e. after accounting for inflation), household balance sheets are strong and borrowing costs are likely to moderate a little if Bank Rate is lowered further in the coming quarters as we and most other analysts expect,' he added. Related UK average house price dips unexpectedly in February as demand slows When does the stamp duty threshold change? The temporary threshold increases to Stamp Duty Land Tax (SDLT) ended as of 1 April 2025. It means that first-time buyers now have to pay stamp duty when buying homes worth £300,000 (€358,467) and above from now on, down from the previous £425,000 (€507,836.8) threshold. For repeat buyers who own only one residential property, stamp duty is nil up to £125,000 (€149,556.9), with the next £125,000 taxed at 2%. Stamp duty is 5% for the following £675,000 (€807,441.8), while the next £575,000 (€687,809.3) is taxed at 10%. The SDLT rate for any amount above £1.5 million (€1.8m) is 12%. Buyers have to pay an extra 5% SDLT on top of these rates, if they own another residential property. How much do properties cost across the UK? For the first three months to March, the average property price in Northern Ireland was £205,796 (€245,986), while the average price in Scotland was £186,131 (€222,503). In Wales, property prices rose 3.6% in the first quarter of this year, with the average house setting buyers back by about £209,839 (€250,839). In England, the North West saw the second highest house price growth in the UK in the first quarter of 2025, at 5.9%, with the North seeing a rise of 4.7%. Property prices rose 3% in the outer South East, with an increase of 5.8% in the West Midlands and a growth of 2.8% in the South West. The average London property cost £529,369 (€632,691.2) in Q1 2025, with house price growth coming in at 1.9%, compared to 2% in the previous quarter. On a monthly basis, UK house prices flatlined in March, compared to a 0.4% rise in February. ADVERTISEMENT Pantheon Macroeconomics said in an email note: 'The 0.0% growth rate for March is the first instance in seven months where the index has failed to rise, though strong gains over the winter in the index still point to healthy increases in the ONS official measure of house prices, which typically lags movements in the private sector indices.' It also noted that no change in the index in March was impressive, given the uncertainty households most likely felt because of the Chancellor's Spring Statement and the looming stamp duty threshold changes. Related Property sector in danger? More countries may follow Spain's tax moves Homebuyers expected to be more cautious in coming months Alice Paine, personal finance analyst at Bestinvest by Evelyn Partners, pointed out that house buyers were likely to be more hesitant to make purchases in the next few months, given the stamp duty increases. 'Homebuyers are likely to weigh up the cost of home ownership very carefully from today. As well as rising transaction costs, they must contend with uncertainty about the wider economy as the country braces for the fallout from the triple hit to businesses this month from rising National Insurance costs, business rates and the minimum wage. ADVERTISEMENT 'Many employers plan to pass on higher costs to consumers, and with a raft of household bills going up from today - from energy to water, council tax and more - budgets are going to get stretched to the max,' she said. Hope for first-time buyers Paine also highlighted that even though borrowing costs may fall if the Bank of England chooses to keep loosening its monetary policy, the economic outlook for the UK is still uncertain. This is mainly because of escalating tariff threats from US president Donald Trump, as well as the potential impact of Chancellor Rachel Reeves' tax increases. However, there may be a silver lining for first-time buyers, as a number of mortgage providers now seem to be easing their lending terms, with a wider range of no-deposit mortgages now available.
