In October Deputy First Minister John Swinney revealed details of the Land and Buildings Transaction Tax (LBTT) to replace stamp duty in Scotland. The news was swiftly followed by Chancellor George Osborne’s Autumn Statement which outlined changes to stamp duty across the rest of the UK. That led to a rethink from the Scottish Government and alterations to the proposals.
Amongst the new proposals are that residential properties worth up to £145,000 will not now attract any tax — up from the previously proposed £135,000.
Speaking in the Scottish Parliament last week, Helensburgh and Lomond MSP Jackie Baillie said: “It took John Swinney just 100 days to change his mind — that must be the fastest U-turn in history.
“I am very happy to look at the detail of Mr Swinney’s proposal. For our part we will support anything that helps homeowners and indeed the house building industry.”
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