Tories put pressure on Scottish First Minister to reform property sales tax
The Scottish Conservative leader, Ruth Davidson has urged the First Minister, Nicola Sturgeon, to adopt proposals put forward by the industry body Homes for Scotland to reform the Land and Buildings Transaction Tax (LBTT).
The tax was introduced by the SNP to replace Stamp Duty in Scotland. Figures from Revenue Scotland show that LBTT raised £483 million in 2016-17, significantly less than the £538 million that was predicted. Under LBTT sales of properties between £325,000 and £750,000 attract a levy of 10%. Homes for Scotland have suggested that some of these should be included in the lower 5% band. Ms Davidson used this information to claim that the First Minister had “gummed up the housing market.”
Nicola Sturgeon countered by saying that revenues raised during 2016-17 were 14% higher than the previous year, and although they were lower than forecasted, the rest of the UK reported similar shortfalls.
Full story available from EveningExpress: https://www.eveningexpress.co.uk/news/scotland/ruth-davidson-property-sales-tax-has-gummed-up-scottish-housing-market/