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Homebuyers Set For Scottish Budget Boost

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Homebuyers could be in for a boost when Scottish Finance Secretary John Swinney announces details of a new tax to replace stamp duty.

It will come as he sets out the first annual budget to make use of new tax powers, due to kick in next year.

Mr Swinney said Scotland's economy was back to pre-recession levels, but still faced a squeeze on public spending.

Labour said the finance secretary had consistently failed to properly fund local authorities and colleges.

The stamp duty replacement - to be called the Land and Building Transactions Tax - will be the first time Scottish Parliament has levied taxation since the Union in 1707.

Scottish ministers said the levy - coming into force in April 2015 - would have a progressive rather than a flat rate, and it is thought Mr Swinney will cut the burden on lower-price property purchases, making the cost match the actual price more closely.

"At the heart of our approach to that has been to provide a system which has been based on certainty, on convenience to pay and - crucially - on the tax being proportionate to the ability to pay," Mr Swinney told BBC Scotland.


Based on that information a new progressive system in Scotland would see those buying properties under £180,000 pay no stamp duty.

The tax would then be applied at a stepped rate on the amount above £180,000.

The current stamp duty rate, which is the same throughout the UK, does not apply to properties under the price of £125,000. However, the duty on properties costing more than £125,000 is applied to the whole of the sum.

Clearly the SNP's great economic plan is to boost house prices!!!

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