1. General news
1.1. Response to the proposal for a Scottish land and
building transaction tax
On 1 November responses to the recent consultation on the
proposed Scottish land and buildings transaction tax were
published.
The Scottish Parliament will have new financial powers from
April 2015 over taxes on land and property transactions and on
disposal to landfill. This consultation was the first of three
dealing with these devolved tax powers and is focused on
introducing a land and property tax to replace the current UK Stamp
Duty Land Tax (SDLT) system. Key changes proposed were:
- Changes to the way SDLT charges are calculated, with the
proposed introduction of a progressive tax structure (so that the
tax, like income tax, is only paid at the applicable rate(s) on the
amount within each threshold).
