Scottish Finance Secretary Derek Mackay was under pressure last night to follow the UK Government’s decision to scrap stamp duty for first time property buyers.
Land and Buildings Transaction Tax
Nearly £13million could pour into council coffers across the north of Scotland under the Scottish Conservatives.
The Scottish Property Federation (SPF) has called for the 5% threshold of residential land and buildings transaction tax (LBTT) to be raised to £500,000 in the light of evidence pointing to a slide in house sales north of the border.
John Swinney’s claim that the Scottish replacement of stamp duty would not increase taxes has been undermined by independent analysis.
The formal handover of powers allowing the collection of the first Scottish taxes in more than 300 years will happen on Wednesday.
The new stamp duty rates announced at the beginning of last month will put Scotland at a further disadvantage, according to Savills.
A watchdog has raised doubts over whether Scotland will be ready to start collecting its new taxes in time for the beginning of the financial year.
The Tories are to press for changes to the SNP government's budget plans which the party claims will cost homeowners thousands of pounds.
Scotland will continue to pay the price of UK Government austerity measures, according to John Swinney.
The Scottish Government has been criticised for trying to replace stamp duty with a "punitive" new tax system.
The Scottish Government has been accused of launching a "raid on ordinary families" after it announced plans to substantially increase tax on house buyers.
Analysis of John Swinney's budget by Richard Street, partner, Aberdein Considine.