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Yes...In Scotland from April 2015 stamp duty is being replaced by Land and Building Transaction Tax (LBTT), which will be applied like income tax. There will be a tax-free allowance of £135,000 on each transaction. Above that there are three bands:
• Between £135,001 and £250,000 the rate is 2%;
• Between £250,001 and £1m it is 10%;
• Above £1m the rate is 12%.
• Between £135,001 and £250,000 the rate is 2%;
• Between £250,001 and £1m it is 10%;
• Above £1m the rate is 12%.
According to this BBC News article, Jomlett is correct :
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A report was published in 2012 on this topic,and as far as I can see none of the rates have been actually decided yet.
You can read the Consultation report as noted below:
www..scotland.gov.uk/resource
There are only 60 pages of it,so it will make good bed time reading for you.
We will have to await the decision of the Scottish Parlaiment to see what rates they apply.
You can read the Consultation report as noted below:
www..scotland.gov.uk/resource
There are only 60 pages of it,so it will make good bed time reading for you.
We will have to await the decision of the Scottish Parlaiment to see what rates they apply.
Sir O
The figures announced by Swinney a few weeks ago are in line with Jomlett, not in line with yours mentioned above.
The crossover point at which the proposed Scottish rates become more costly than the new UK rates occurs at around £270k purchase price.
Outside of main cities property in Scotland is less costly than much of the UK but it will be interesting to see how the Scottish people react to it.
The figures announced by Swinney a few weeks ago are in line with Jomlett, not in line with yours mentioned above.
The crossover point at which the proposed Scottish rates become more costly than the new UK rates occurs at around £270k purchase price.
Outside of main cities property in Scotland is less costly than much of the UK but it will be interesting to see how the Scottish people react to it.
The so called 'slab' method, was always a ridiculous way of applying a tax.
It would only make sense if you wanted to actually prevent something happening. i.e prevent people buying and selling property for more than 250k.
Assuming they don't want to prevent that happening, it's a no-brainer to replace it with something sensible.
It would only make sense if you wanted to actually prevent something happening. i.e prevent people buying and selling property for more than 250k.
Assuming they don't want to prevent that happening, it's a no-brainer to replace it with something sensible.
I don't think so. The proposed Scottish rates would have had a crossover point of £324k with SDLT until yesterday.
Unless Mr Swinney decides the change his proposal, the reduction in SDLT at the lower end reduces the relative crossover point now to roughly where I mentioned above.
Life's so short to bother to work it out exactly.
Unless Mr Swinney decides the change his proposal, the reduction in SDLT at the lower end reduces the relative crossover point now to roughly where I mentioned above.
Life's so short to bother to work it out exactly.
