Scottish Government to get rid of stamp duty

SueBee

"John Swinney is set to make a U-turn on his controversial stamp duty raid on middle class Scots moving home."

http://www.sundaypost.com/news-views/politics/holyrood/cheers-for-middle-class-movers-as-stamp-duty-tax-rethink-touted-1.793756

I_have_spoken

'Dishonest' John, he's worse than Clown

agrinnall

I haven't read the Sunday Post article but I see nothing elsewhere to suggest that John Swinney has any intention to get rid of stamp duty. The BBC article simply states that "Planned new tax rates for property purchases are to be reviewed". If they get rid of them then they'll just have to tax something else to find the money, and I can't see that happening.

http://www.bbc.co.uk/news/uk-scotland-scotland-politics-30865150

googler

The title is wrong. The Scottish Gov legislated last year to replace SDLT with Land and Buildings Transaction Tax (LBTT) in Scotland only. This will have progressive rates, where the higher rates apply only to the amount of purchase price over and between thresholds.

Westminster then pinched the idea on 3 Dec, when the UK Chancellor introduced the revision in SDLT for the whole UK.

This left Scotland with one set of rates and thresholds applicable from 3 Dec until April 2015, and another different set from then.

All that's happening now is that the Scottish Govt is reconsidering the rates and thresholds for the introduction of LBTT in April, probably now being effectively forced to harmonise them with the UK-wide rates of SDLT.