Scotland Set To Abolish Stamp Duty !!

Date Published 08 June 2012

Stamp Duty is to be abolished in Scotland, it has been announced.

John Swinney, finance minister, said that it would be replaced by a new `fairer` Land and Buildings Transactions tax in 2015.

There would be no tax at all on properties costing up to £170,000, and a cut in tax for people buying property up to £325,000.

The move will be watched closely at Westminster, where the Government has come under increasing pressure to reform the `slab` structure of the current Stamp Duty regime.

The Scottish Property Federation said it `cautiously` welcomed the Holyrood proposals.

The transfer of control over Stamp Duty from Westminster was a key part of the Scotland Bill which was heralded as the largest transfer of power north of the border since devolution.