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SNP Lead The Way on Fairer Tax
Progressive stamp duty replacement set to support first time buyers.
The SNP continues to lead the way on making taxation fairer in Scotland - with progressive changes to the Land and Buildings Transaction Tax (LBTT) going before Holyrood this afternoon [Thursday].
LBTT is a progressive replacement for Stamp Duty - and saw 90% of taxpayers better or no worse off than under UK Stamp Duty Land Tax when it was introduced.
Changes to LBTT announced in the budget - part of a wider progressive tax regime that sees the majority of workers paying less in income tax this year than previously and less than they would elsewhere in the UK - provide first time buyers with LBTT relief of up to £175,000, taking 80% of first time buyers out of LBTT altogether.
Today's Stage 3 proceedings aim to give retrospective effect to the amendments made to the initial LBTT Bill, helping clamp down on tax avoidance and giving those who have overpaid the chance to claim a repayment.
Regulations will also be laid to bring forward help for first time buyers, due to come into effect at the end of next month.
Commenting, Kate Forbes MSP (pictured) said:
"These progressive changes will make LBTT even fairer for taxpayers across Scotland.
"Opposition parties should look at the substance of these changes which will drive the continuous improvement of this relatively new tax, help protect against tax avoidance and give people the chance to claim back what they might have overpaid.
"LBTT is a progressive replacement for Stamp Duty - and saw 90% of taxpayers better off or no worse off than under UK Stamp Duty Land Tax when it was introduced - and the steps announced in last year's budget go some way to making the new tax even fairer, providing first time buyers with LBTT relief of up to £175,000 - and taking 80% of them out of LBTT altogether.
"The SNP is leading the way on making taxation fairer across the country - having already made progressive reforms to income tax that will see the majority of workers paying less this year than last, and less than they would in Tory-run England.
“These further reforms to the progressive LBTT will make our tax regime even fairer for more people across the country, helping us invest in public services and support the people who need it most."
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