The first set of annual receipts for Scotland’s Land and Buildings Transaction Tax and Scottish Landfill Tax show returns have exceeded expectations.
The figures were included in today’s SNP Government Provisional Outturn 2015-16, which shows effective management of the government’s £29,000 million resource budget – deploying resources in 2015-16 and carrying forward 0.5% as extra spending for 2016-17.
Commenting, Kenneth Gibson, who chaired the Finance Committee in scrutinising the introduction of these new taxes said:
“This is the first set of figures that take account of the powers devolved to the Scottish Parliament under the 2012 Scotland Act and they are very positive.
“The SNP Government introduced the Land and Buildings Transaction Tax last year with the particular aim of helping first-time buyers to enter the property market. Almost 9,700 additional house purchases were taken out of tax altogether in 2015-16 and more than 41,600 buyers paid less than they would have under UK stamp duty, boosting the market and, ultimately, revenues.
“Today’s figures show we not only supported first-time buyers, we also generated around £74 million more in revenues from the two devolved taxes than originally expected.
“In light of current events, it is even more important now the SNP Government continues its competent handling of the economy with stability, certainty and proactivity.”
“No-one can deny the significance of last week’s events for our economy, our communities or indeed our constitution. At this point, with a forthcoming change of Prime Minister and likely impact of Brexit on UK Government finances, it is not clear what a future UK Government’s fiscal plan will be. It is therefore important to consider and be ready to respond to any possible financial impact on Scotland.
“Scotland is a vibrant, inclusive country with a strong economy. It will remain an attractive place in which to invest and do business. The SNP Government will continue to do all it can to provide stability in our economy and public finances, supporting our businesses, public services and the people and communities we serve.”
