19 Jan 2015
Following a proposal in the Scottish draft Budget to review the Land and Buildings Transaction Tax (LBTT), a discussion is underway to determine plans for the future of stamp duty land tax in Scotland.
Initial plans under discussion are to raise the threshold for paying tax on a residential property from £125,000 to £135,000. Rates will range from 2% to 12% for properties priced over £1 million.
Scottish Finance Secretary, John Swinney, has previously commented that the recent UK stamp duty land tax overhaul was an imitation of the plans already set out in the October draft Budget for Scotland.
He said: The Chancellor’s decision to introduce a new stamp duty system overnight, without warning and consultation, means that while 80% of homeowners continue to pay less tax or no tax at all under the Scottish system we now have the opportunity to review the rates and ensure they are right for Scotland’.
An official decision is expected to be announced on Wednesday.