Wealthy '˜shunning Scotland' due to high property tax
Lawyers claim that the higher charges of the Land and Buildings Transaction Tax (LBTT) – which can see an extra £45,000 added to the cost of a £1 million home if the property is bought in Scotland rather than England – are stifling the traditional migration of bankers and lawyers who would have moved to Scotland from other parts of the UK or abroad.
They added that the trend has caused a knock-on effect for private schools, headhunters and technology companies who are unable to attract top-level recruits, as well as seriously depressing the values of property close to the £1m mark.
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