TAXATION SHIFTS FOLLOWING SCOTLAND'S 'NO' VOTE
Article by Tina Riches
Following the 'no' vote in Scotland, there is
more clarity on the tax position, at least in the short term.
Further powers for Scotland are being discussed so this may change.
Under the Scotland Act, these changes will start to have an impact
from April 2015, with the effects of at least some of the changes
being felt not just in Scotland, but also the rest of the UK, often
referred to now as 'rUK'.
However, until that happens, we summarise below the changes
already agreed.
Property related taxes
The first two known tax changes are property related, due to
come into force in April 2015. The new land and buildings
transaction tax (LBTT) will replace rUK's stamp duty land tax
(SDLT) on property transactions in Scotland. Whereas SDLT is a slab
tax with the whole price taxed at one rate, LBTT will be a
progressive tax. Like income tax, if the taxed amount is £1
over a threshold it is only the
