View more on these topics

Scottish government consults on stamp duty replacement

The Scottish government has launched a consultation with the proposal to replace stamp duty with a more progressive tax.

The move would come into force from April 2015 when tax-raising powers would be given to the Scottish executive under the Scotland Act 2012.

The proposals include changing the structure of the tax to a progressive system where the amount of tax paid is more closely related to the value of the property.

The government will launch two further consultations will be issued before the end of 2012.

Finance secretary John Swinney has also set up Revenue Scotland to collect certain taxes north of the border instead of HMRC.

Speaking at the Scottish parliament Swinney says the new property tax would focus more on the ability of the buyer to pay.

He says: “We have signalled our preference for a progressive system of taxation where the amount of tax paid is more closely related to the value of the property and therefore to the ability of the individual to pay.

“At the same time our consultation also indicates a willingness to adjust the threshold at which taxation is levied in order to support those at the lower end of the market. 

The National Association of Estate Agents immediately welcomed the move to replace stamp duty

NAEA spokesman David Mackie is encouraged the Scottish government is looking at moving to a more progressive system.

He says: “We have long argued that the slab structure for stamp duty is unfair and creates huge distortions in the market, and we hope that the proposed ‘Land and Buildings Transaction Tax’ turns out to be a much fairer and more logical system.

“We applaud the Scottish government for recognising the important role that housing provides in the wider economy and call on Westminster to follow suit.”

Recommended

3

Govt announces first chair of FCA

The Government has appointed KPMG UK chairman John Griffith-Jones as the first chair designate of the Financial Conduct Authority. Griffith-Jones (pictured) will join the FSA board on September 1 as a non-executive director and deputy chair. He will work with FCA chief executive designate Martin Wheatley to oversee the creation of the new regulator which […]

Guardian picks Shalton for MD role

Guardian Wealth Management has appointed Marlene Shalton as managing director of its financial planning practice as the firm looks to expand. Former Bluefin Wealth Management IFA and current Institute of Financial Planning president Shalton will join Guardian on September 1. Guardian, an international IFA firm, is planning to open a UK headquarters in Cardiff this […]

RSM Tenon picks new chairman after Martin steps down

RSM Tenon has appointed former Collins Stewart Hawkpoint chairman Tim Ingram as its new chairman to replace Adrian Martin. Ingram left Collins Stewart Hawkpoint in March. He was previously a senior independent non-executive director of the Sage Group and Savills. Ingram’s appointment comes after RSM Tenon said last month that Martin and deputy chairman Michael […]

Rockingham clients rescued by Carey Pensions UK

Clients who invested their Sipps with collapsed IFA Rockingham have been given a lifeline with the transfer of their investments to Sipp provider Carey Pensions UK. Rockingham Independent was put into liquidation in March. The process of putting Rockingham into liquidation meant the firm had to apply to be closed down, and therefore could no […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment