Is it (economically) safe to come out yet?
2014 has been a difficult time to be an investor, with no clear trends emerging to help guide them. Unfortunately Quarter two of 2014 has been one of mixed messages, with similar levels of modest growth from both the equity and fixed interest markets. The positive returns from both markets have led to significant debate […]
Conclusion of Missives in Residential Property Transactions
Until the banking crisis of 2008, the Scottish system for concluding missives, ie putting in place a binding contract between a willing purchaser and a willing seller, was perceived to have one major advantage over the corresponding English system. That advantage was certainty. The certainty that within a short period of time of agreeing a […]
Stamping out Stamp Duty
Over two years prior to the historic independence referendum in September 2014, the Scottish Parliament had been given significant additional powers under the Scotland Act 2012. These powers included the ability to lower or raise income tax rates by up to 10 pence in the pound as well as control over stamp duty. Since 2003, […]
Is your will out of date?
Wills can be made 20, 30, 40 or even more years ahead of when they are to come into effect, they have no expiry date and remain valid until they are revoked or replaced. Have any of the following life changing events happened to you: (a) Moving home? (b) Emigrating […]
Recent changes in stamp duty rates for residential property
In October 2014 the Scottish Government announced the rates and bands for the new Scottish equivalent for Stamp Duty Land Tax (SDLT), to be known as Land and Buildings Transaction Tax (LBTT), to take effect from 1st April 2015. Then, on 3rd December 2014, during his Autumn Statement, the Chancellor, George Osborne, announced a very […]
The Lady Lawyers of Collies
At James & George Collie we are proud to be a full service firm. The Lady Lawyers of James & George Collie are an important part of the organisation. Elizabeth Mackinnon is the matriarch of the organisation. Formerly a Partner and now a Consultant, Liz, who was previously President of the Society of Advocates […]
WHAT IS A GUARDIANSHIP ORDER AND DO I NEED TO APPLY FOR ONE?
A Guardianship Order can only be made by the Court. The Application for such an Order can be made by any person having an interest in an Adult who lacks the capacity to deal with their own affairs. This can cover both financial and welfare matters. As the terms suggest, a Financial Guardianship allows the Guardian to deal […]
Land and Buildings Transaction Tax
From 1 April 2015, LBTT (Land and Buildings Transaction Tax) will replace SDLT (Stamp Duty Land Tax) in Scotland. LBTT is structured differently to SDLT in that it is a progressive tax which means that each portion of the price is charged at different rates of tax for that portion rather than the whole price […]
More (tax free savings income) for More!
With effect from 6th April 2015 the 10% starting rate of tax for savings income is reduced to 0% rate and increased from £2,880 to £5,000. This means that, in 2015/16, those with a total income of less than £15,600 (£10,600 personal allowance for 2015/16 plus the new 0% starting rate band) will pay no […]
The end of an era
The end of March saw another milestone in the history of James & George Collie – the retirement of Stuart J. T. McKay as Partnership Accountant after nearly 27 years of service. Stuart’s retirement was marked by the Partners hosting a dinner in his honour, and separately a small gathering in the office so that […]