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Scotland consults on replacing tax

The Scottish government has launched a consultation which proposes replacing Stamp Duty with a more progressive tax.

It would come into force from April 2015 when tax-raising powers will be given to the Scottish Executive under the Scotland Act 2012.

The Stamp Duty 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, which 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 told members the new property tax would focus more on the ability of buyers to pay.

He adds: “We have signalled our preference for a progressive system 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 indicates a willingness to adjust the threshold at which taxation is levied to support those at the lower end of the market.”

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