June 2012 - Stamp Duty Land Tax collection - Scotland

15th June 2012

15.06.2012 - John Swinney, Cabinet Secretary for Finance, Employment and Sustainable Growth, has recently announced that a new body, Revenue Scotland, will be established to administer tax requirements in Scotland.

In his statement to Parliament, Mr Swinney outlined Scottish Government plans to make full use of these powers to introduce two replacement taxes that would be embedded in Scottish law, reflecting Scottish values and Scottish circumstances. He launched the consultation for the first of these taxes: the Land and Buildings Transaction Tax to replace Stamp Duty Land Tax. The proposals include changing the structure of the tax to a progressive system where the amount of tax paid is more closely related to the value of the property. Two further consultations will be issued before the end of 2012.

Speaking at the Scottish Parliament, Mr Swinney said: “In setting up Revenue Scotland, we are developing an innovative approach to taxation, working with existing organisations, to deliver Scottish taxes, set by this Scottish Parliament, and to save the Scottish taxpayer money.”

The passage of the Scotland Act 2012 means that from April 2015 the Scottish Parliament will be empowered to introduce and manage taxes on the purchase or leasing of land and buildings.

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