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.