One of the biggest names in Scottish housing development has thrown his weight behind the replacement of stamp duty north of the border by the new Building and Land Transaction Tax from this coming April.
Sir Tom Hunter - whose West Coastal Capital Holdings now controls around 85 per cent of the £1 billion Winchburgh development of 3,450 new homes near Edinburgh airport - says the new proposals, being introduced by the Scottish Government, are sensible.
In terms of this development, it will help because the value of the houses are towards the lower end. Looking more widely about whether the new tiered structure is appropriate, I think that if people want to buy and sell houses at the top end of the market, they should pay more. It's common sense, he is reported to have said.
Under the proposals, introduced by the Scottish National Party government, homes worth up to £135,000 attract no tax; homes costing £135,001 to £250,000 attract two per cent tax; those priced at £250,001 to £1m attract 10 per cent tax; and buyers of homes over £1m must pay 12 per cent tax.
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