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Stamp duty to be replaced in Scotland

Finance Secretary John Swinney last week introduced a Bill into the Scottish Parliament that will create a system to replace the stamp duty land tax in Scotland.

Land and Building Transactions Tax (LBTT) will come into force in April 2015 and will be, according to the Scottish Government, more closely related to the value of the property than the current system is.

“The changes we are proposing would give us the opportunity to better support first time buyers trying to get onto the housing ladder or families buying bigger homes that better suit their needs,” said Mr Swinney. “Rather than the current distortive ‘slab’ approach which sees people pay too much tax and distorts the market, we will ensure that taxpayers pay an amount more proportionate to the value of their property.”