This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-scotland-scotland-politics-23034247
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Scotland's stamp duty plan set to be approved by Holyrood | Scotland's stamp duty plan set to be approved by Holyrood |
| (about 11 hours later) | |
| A bill allowing the Scottish Parliament to set and collect stamp duty from the sale of properties is set to be approved by MSPs. | A bill allowing the Scottish Parliament to set and collect stamp duty from the sale of properties is set to be approved by MSPs. |
| Ministers are hailing the move as "historic", adding that it would revitalise the housing market. | Ministers are hailing the move as "historic", adding that it would revitalise the housing market. |
| However, opposition MSPs said they want more detail on who would pay what. | However, opposition MSPs said they want more detail on who would pay what. |
| The Land and Building Transactions Tax (Scotland) Bill proposes a progressive as opposed to a flat rate levy. It also proposes a new body to collect the tax. | The Land and Building Transactions Tax (Scotland) Bill proposes a progressive as opposed to a flat rate levy. It also proposes a new body to collect the tax. |
| Revenue Scotland will work with Registers of Scotland to enable the collection and administration of the tax. | Revenue Scotland will work with Registers of Scotland to enable the collection and administration of the tax. |
| Ministers want the revenue tool to come into force from April 2015. | Ministers want the revenue tool to come into force from April 2015. |
| Scottish Finance Secretary John Swinney told BBC Radio Scotland's Good Morning Scotland programme that he would not reveal the rates and bands of the new tax until September 2014 when he presents his budget to the Scottish Parliament. | |
| However, during the consultation process for the bill, the government suggested indicative rates. | |
| Based on that information a new progressive system in Scotland would see those buying properties under £180,000 pay no stamp duty. | |
| The tax would then be applied at a stepped rate on the amount above £180,000. | |
| The current stamp duty rate, which is the same throughout the UK, does not apply to properties under the price of £125,000. However, the duty on properties costing more than £125,000 is applied to the whole of the sum. | |
| Mr Swinney said: "With parliament's approval the passing of this bill will be a huge milestone for Scotland - it will enable us to set and collect taxes in a more cost effective and fairer way than the UK government. | |
| "This bill will give us the opportunity to better support first time buyers trying to get onto the housing ladder or families buying bigger homes that better suit their needs. | "This bill will give us the opportunity to better support first time buyers trying to get onto the housing ladder or families buying bigger homes that better suit their needs. |
| "It is this government's belief that tax should be proportionate. That means taxpayers should have certainty about what they should pay - it should be convenient and it should be efficient. | "It is this government's belief that tax should be proportionate. That means taxpayers should have certainty about what they should pay - it should be convenient and it should be efficient. |
| "It is my vision that Scotland should have a modern and efficient tax system, grounded on solid foundations and delivering sustainable economic growth. | "It is my vision that Scotland should have a modern and efficient tax system, grounded on solid foundations and delivering sustainable economic growth. |
| Ahead of final approval by MSPS, two amendments to the bill have been proposed. | Ahead of final approval by MSPS, two amendments to the bill have been proposed. |
| One from Scottish Conservative finance spokesman Gavin Brown requests that the government reveal its proposed rates for commercial property sales. | One from Scottish Conservative finance spokesman Gavin Brown requests that the government reveal its proposed rates for commercial property sales. |
| 'Less uncertainty' | |
| He explained: "It is totally unacceptable to delay revealing these rates until shortly before they come into force. | He explained: "It is totally unacceptable to delay revealing these rates until shortly before they come into force. |
| "Businesses need all the time they can to prepare, and delaying it beyond a year until implementation would pose significant risks to investment. | "Businesses need all the time they can to prepare, and delaying it beyond a year until implementation would pose significant risks to investment. |
| "The finance committee has heard very clear evidence that the sooner the stamp duty replacement rates are known, the less uncertainty it will cause." | "The finance committee has heard very clear evidence that the sooner the stamp duty replacement rates are known, the less uncertainty it will cause." |
| A second amendment, proposed by Green Party MSP Patrick Harvie, wants a payment relief introduced which would see the tax vary according to the energy performance of a property as measured by Energy Performance Certificates which are currently required as part of a sale. | A second amendment, proposed by Green Party MSP Patrick Harvie, wants a payment relief introduced which would see the tax vary according to the energy performance of a property as measured by Energy Performance Certificates which are currently required as part of a sale. |
| Control of stamp duty on land and property has been devolved from Westminster to Holyrood under the recently passed Scotland Act. | Control of stamp duty on land and property has been devolved from Westminster to Holyrood under the recently passed Scotland Act. |