In Scotland reduced Stamp duty when buying residential property

Scotland introduced the introduction of the new system of Stamp duty (Stamp Duty) on the purchase of residential property in Scotland, which will be based on a progressive scale, in contrast to the existing scale of Stamp duty, which is flat.

A new bill allowing the Scottish Parliament to set and levy rates of Stamp duty under the new rules, was approved at the preliminary hearing, aimed at revitalizing the housing market in Scotland.

The new rules, according to the bill will come into force in April 2015. Prices and the scale of the new collection will be approved by September 2014, and until that time will be the consultation process for establishing rates.

But now we can say that, most likely, will not be subject to Stamp duty residential property in Scotland, purchased for less than £180000. And in excess of £180,000 to be installed a progressive scale.

Now the value of residential property, the purchase of which does not have to pay Stamp duty, is £125000, however, for any purchase that costs more than £125000, the amount of Stamp duty is considered on the whole amount.

It is obvious that the bill is aimed at keeping young low-income families. The Scottish government believes it is absolutely logical that taxation should be based on the principles of reasonableness and proportionality.

The bill was endorsed and supported by the Scottish law Society. Although the company has stated that a greatly tightened the process of enacting this law and to accelerate the timing could be too early to have a positive impact on the development of the construction industry in Scotland. In addition, for the full implementation of the bill must be agreed some transitional provisions that relate to the laws of Britain and their connection with the laws of Scotland.

For Members of the Law Society of Scotland organized a meeting with representatives of the registers of Scotland, which presented the new online system of collecting the new tax. Very easy and intuitive to taxpayers, the interface Declaration and payment of the new tax made an impression on members of Society and will definitely be appreciated by the taxpayers.

It should be noted that this is the first significant change in the tax system of Scotland, which was adopted independently, separate from the UK. For specialists, this innovation provides both theoretical and practical interest, since the experience from the introduction of this innovation, if it is positive, it is planned to apply to other parts of the UK. It is important that the tax system was clear and fair, then it will be able to assess taxpayers and it will provide social and economic benefits.

® Alice Morgan 26.06.2013 G.