Stamp Duty is set to be reformed in Scotland and replaced with a new regime.
The Scottish Government, which is currently setting the UK political agenda for the private rented sector, has introduced the Land and Buildings Transaction Tax (Scotland) Bill.
This will do away with the UK-wide Stamp Duty Land Tax system in Scotland and replace it with a new Land and Buildings Transaction Tax from April 2015.
The new tax on land and property transactions will abolish the ‘slab’ structure and instead relate to the actual value of the property and, say ministers, hence the ability of the individual to pay.
Actual rates and thresholds will be not set until nearer April 2015, but will be much more 'progressive'. For example, they might go up every £5,000.
Isobel d’Inverno, of the Law Society of Scotland, said: “This new tax has the potential to make a real improvement on the current system in Scotland.
“We welcome the simplified drafting of the Bill using Scots law terminology and reflecting Scottish conveyancing practice, and we are particularly pleased to see that the Bill replaces the existing ‘slab and slice’ system of payment with progressive rates.”
‘Taking forward a Scottish Land and Buildings Transaction Tax’ can be found on the Society’s website
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Comments
Has the net not gone over the wall? No Scottish agents ever post on their story, maybe they are busier!
rant you think you know sometyhing about everything perhaps youi could be their spokesman or woman?
http://www.rose-property.com/findtenants
Scotland test it, iron out the niggles and then sure as night follows day we will follow them - Minimum Unit Price on Alcohol, no tenants fees and now stamp duty re-jig all coming our way soon.
Did you not understand the part that said stamp duty will be replaced with a new Land and Buildings Transaction Tax ? Buyers will likely be faced by a higher tax to pay NOT ZERO TAX.
JohnD - you forgot something else . . . no tenant fees.
@JohnD - like you wouldn't believe.
Personally I think we should say:
"Here you go boys - but...
No vote at all in the BRITISH Parliament
No money at all from Whitehall
Pay for your own Police
Pay for your own Army
Pay for your own Central Bank
Pay for your own tax collection
Pay for your own NHS"
We won't do it of course, but we should.
I have no problems at all with Scotland or the Scottish (I've even been there - once!) but their government is on a path to assured self destruction in the name of Independence.
And the screaming invective rhetoric that comes out of the Scottish Politicians is so well veiled by the media that it has a strong chance of just sneaking through.
Nightmare!
No student fees, zero elderly care costs, no prescription costs, now this. And Scotland wants independence? They're doing pretty well as it is. Shouldn't England be wanting independence from them? :o)