PROGRESSIVE STAMP DUTY REPLACEMENT SET TO SUPPORT FIRST TIME BUYERS
The SNP continues to lead the way on making taxation fairer in Scotland, with progressive changes to the Land and Buildings Transaction Tax (LBTT).
LBTT is a progressive replacement for Stamp Duty, with 90% of taxpayers better or no worse off than under UK Stamp Duty Land Tax when it was introduced.
Changes to LBTT announced in the Scottish Budget provide first time buyers with relief on homes costing up to £175,000, taking 80% of first time buyers out of LBTT altogether.
Legislative changes agreed on 17 May give retrospective effect to the amendments made to the initial LBTT Bill, helping clamp down on tax avoidance and giving those who have overpaid the chance to claim a repayment. Regulations were also laid to bring forward help for first time buyers, due to come into effect at the end of next month.
Commenting, Kenneth Gibson MSP said:
"These progressive changes will make LBTT even fairer for taxpayers across Scotland. They will drive continuous improvement of this relatively new tax, help protect against tax avoidance and give people the chance to claim back what they might have overpaid.
"The SNP is leading the way on making taxation fairer across the country, having already made progressive reforms to income tax that will see the majority of taxpayers paying less this year than last, and less than in Tory-run England. These further reforms will help us to invest in public services and support the people who need it most."