NEWS: Additional Dwelling Supplement
MacPhee and Partners wish to advise of a change to the rules regarding reclaiming Additional Dwelling Supplement from Revenue Scotland. If you purchased a property to occupy as your main residence recently and you were retaining your previous main residence your advisor would have discussed Additional Dwelling Supplement with you and, other than in the case of limited exceptions, you would have had to pay this tax. However, if you sold your previous main residence within 18 months of purchasing your new main residence you could subsequently apply to reclaim this tax.
As of today, if you purchased your new main residence during the period of 24th September 2018 to 24 March 2020, you will now have 36 months from the date of purchase to dispose of your previous main residence, in order to apply to reclaim the Additional Dwelling Supplement paid. Please note that this is a temporary change, which affects only purchasers who purchased within this time frame.
If you believe this change will have affected you, or wish to discuss any aspect of this property tax, please contact your usual Conveyancing contact or Rebecca Fraser on 01397 701000.