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Recent News

“Successful” year for the tax of transferred property in Scotland

Published: 07/12/2016 | news
Tags:
#Real estate#Scotland

Transition of Scotland to a new Land and Buildings Transaction Tax (LBTT) was "operationally successful", according to the Scottish Parliament's Finance and Constitution Committee, which analyzed the impact of the tax on the real estate market. The Land and Buildings Transaction Tax replaced British stamp duty land tax (SDLT) in Scotland from April 1, 2015 within the agreement with Great Britain which transfers responsibility for some taxes to Scotland. LBTT of Scotland is based group with 145,000 pounds sterling (184,550 US dollars) with a free limit on the Land and Buildings Transaction Tax. In the amount of two percent the price is paid for a share of inheritance of real estate to 250,000 pounds sterling; five percent for a share to 325,000 pounds sterling; 10 percent to 750,000 pounds sterling; and 12 percent from the price above 750,000 pounds sterling. In the report of Committee said that in spite of the fact that implementation of a tax was successful, it is too early to draw any final conclusions concerning influence of LBTT rates and groups after one year of operational management of the entity, and also due to the lack of consistency in the forecast and in data of...

FinCEN expands the US real estate registration

Published: 03/08/2016 | news
Tags:
#Real estate#USA

The Financial Crimes Enforcement Network (FinCEN), published by the subsequent emission of Geographic Targeting Orders, temporarily will request from the US insurance property rights for companies to identify individuals behind front companies that use "all cash" (without bank financing) to acquisition of high-end residential real estate in six major metropolitan areas. Network remains concerned that all such purchases for cash may be held by individuals, attempting to hide their assets and identity through the acquisition of residential real estate, and as a result, they fall into the category of possible people who abuse their position in order to launder laundering and tax evasion. US Treasury Authority issued a similar deal Global Environment Monitoring (GTOs), issued earlier this year in Manhattan and Miami-Dade County, Florida. These orders have been confirmed, it is already helping to identify potential illegal activities and to help structure the future regulatory approaches to regulation. In particular, a significant portion of transactions under consideration showed a possible criminal activity associated with the persons who reportedly are the beneficial...

China: property tax reform

Published: 28/07/2016 | news
Tags:
#China#Real estate#Reforms

Chinese minister of finance Lou Jiwei pointed out that the prioritet of the next tax government will be go into force long time waited local and rigional property tax. State Council of China claimed about approving a new property tax in the structure of his financial plans of economic politic claimed in March of this year. This frames as expect, will be differ in different cities and towns depend on conditions. This announce was claimed after long time break in government plans to extand tax schemes on property, which acting in Shanghai and Chongqing, which first was set up in 2011 year. First created to keep the rising of Chinese price on property will under control, shemes prevented to some extant with absent of concrate system of property registration. In spite of the fact that the market of property in country stay more weak, the government still think that the change of property tax can support income of local governemnt. However, speaking on the last G20 the minister of finance and directors of banks also pointed out that the desidion will long several time and at the same time collecting the information about property, draft reform and legislation in large...

In the USA propose tax credit for housebuyers

Published: 19/07/2016 | news
Tags:
#Real estate#USA

The main member of financial committee of The USA Rone Wyden introduced an act of returning tax credit which must help to people who buys a new house. According to his propose the first buyer of living residential property will get returning tax credit around USD10,000 and it will be equal to 2.5 percent in the cost of the whole house. This credit will also increasing step by step for private individual who has a year profit more than USD80,000 and for marriage couples with year profit more than USD160,000. But if buyer sold his house within 5 years he must paying a part of credit if has no some important reasons as work replacing or military mobilization. "The housing policy in our country need a reconstruction, said Wyden. We have a lot of people who work hard to provide for a family and can't permit themselves to rent all the more so buy some house. The federal government need to do more to repair housing crisis on all stages with close co-working of state and city governments." He said that this program created after existing Low-Income Housing Tax Credit because of low profit of people. Another words this program of federal government provide of...