{"id":34205,"date":"2017-05-31T23:54:28","date_gmt":"2017-05-31T22:54:28","guid":{"rendered":"https:\/\/sbnn.co.uk\/?p=34205"},"modified":"2017-05-31T23:54:28","modified_gmt":"2017-05-31T22:54:28","slug":"conference-examine-100-tax-hike-facing-landlords","status":"publish","type":"post","link":"https:\/\/aberdeenbusinessnews.co.uk\/conference-examine-100-tax-hike-facing-landlords\/","title":{"rendered":"Conference to examine &#8220;100% tax hike&#8221; facing landlords"},"content":{"rendered":"<p>A special conference is being held in Aberdeen to help landlords facing a 100% tax hike alongside the biggest shake-up of Scotland&#8217;s letting industry in 30 years.<!--more--><\/p>\n<p>Tax experts from Anderson Anderson Brown LLP and letting industry specialists from Aberdein Considine are hosting a free event on June 22nd to help those with multiple properties prepare for a raft of new tax and legislation changes coming into force this year.<\/p>\n<p>The Aberdeen Landlord Conference, will give landlords the chance to learn about the changes directly from the experts who will offer them helpful advice on what they can do to mitigate the impact.<\/p>\n<p>The biggest change facing landlords is the Private Housing (Tenancies) (Scotland) Act 2016, which has introduced a new form of private tenancy for Scotland.<\/p>\n<p>Adrian Sangster, National Leasing Director at Aberdein Considine, said: \u201cWith tighter regulations, increased taxation and a cull of reliefs and benefits, Scotland\u2019s private rented sector and its landlords find themselves at a crossroads.<\/p>\n<p>\u201cThis event has been put together to explain recent tax changes that have hit landlords as well as what they can do to mitigate the impact.<\/p>\n<p>\u201cThey will also be able to find out more about the biggest shake up to the private rented sector in almost 30 years with the introduction of the new Scottish tenancy.\u201d<\/p>\n<p>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.<\/p>\n<p>The \u2018no fault\u2019 ground of termination under Short Assured Tenancies (SAT) has been removed from landlords.<\/p>\n<p>The main recent tax changes facing landlords are:<\/p>\n<ul>\n<li>Restriction of tax relief on mortgage interest<br \/>\nAdditional Land &amp; Buildings Transaction Taxes<br \/>\nAbolition of Wear &amp; Tear allowances<br \/>\nHigher Capital Gains Tax rates<br \/>\nAccelerated payment of Capital Gains Tax for Non Residents<br \/>\nIncreased reporting for UK property disposals by Non Residents<\/li>\n<\/ul>\n<p>Stuart Petrie, Private Client Tax Senior Manager at Anderson Anderson Brown, said: \u201cIn terms of how much the tax cost will be, it will very much dependent on individual circumstances.<\/p>\n<p>\u201cHowever, the restriction of tax relief on mortgages alone could double many individual\u2019s tax liabilities.\u201d<\/p>\n<p>The event comes against the backdrop of falling rents in the north-east due to lower oil prices weakening demand for accommodation in the city.<\/p>\n<p>Average rents in Aberdeen have fallen from a previous peak of \u00a31,110 per month in 2014 to precisely the same as the Scottish national average, \u00a3768 per month.<\/p>\n<p>On current trend, Glasgow will overtake Aberdeen next quarter with just \u00a328 per month separating them at present, although both demand and rents in the Granite City have stabilised in 2017 to date.<\/p>\n<p>Delegates at the Aberdeen Landlord Conference will hear from Aberdein Considine&#8217;s independent financial advisers about how latest buy-to-let remortgage rates could help them mitigate the impact of lower rents.<\/p>\n<p>The conference, at Radisson Park Inn, on Justice Mill Lane, will also feature and a host of other industry speakers offering insight into Scotland\u2019s property sector, including from Citylets, ARLA Propertymark and Safe Deposits Scotland.<\/p>\n<p>To register for the free event, which starts at 8.15am, visit www.acandco.com\/landlordconference<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A special conference is being held in Aberdeen to help landlords facing a 100% tax hike alongside the biggest shake-up of Scotland&#8217;s letting industry in 30 years.<\/p>\n","protected":false},"author":1,"featured_media":34206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,20,21],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conference to examine &quot;100% tax hike&quot; 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