Knight Frank issues warning over forthcoming changes to property relief in Scotland |
Knight Frank says that new rules being implemented as part of changes to the non-domestic rates system in Scotland could cause confusion for landlords and property investors. The company claimed that among the adjustments being brought in as part of the most recent settlement between the Scottish Government and local authorities, empty property relief will be devolved to councils from April 1 of this year, allowing them to set different rules and conditions for exemption. The property consultancy that under the current relief regime applied nationally, vacant industrial properties are given 100% for six months, followed by 10%, but some local authorities have already proposed changes and others will likely choose to do so, with the reliefs set to be reviewed annually. Scott Hogan, head of Scotland industrial and logistics at Knight Frank, said: “The new rules mean that local authorities can, and likely will, have different reliefs across Scotland, creating an uneven playing field. This will introduce an added degree of complexity for landlords and investors, and will almost certainly create confusion for anyone with property interests in multiple council areas.” |
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