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| MSPs to debate changes to stamp duty on Scots properties | MSPs to debate changes to stamp duty on Scots properties |
| (about 1 hour later) | |
| Plans to replace stamp duty on properties sold in Scotland will be debated by MSPs at Holyrood. | Plans to replace stamp duty on properties sold in Scotland will be debated by MSPs at Holyrood. |
| The Scottish Parliament will be given control over the property tax in 2015. | The Scottish Parliament will be given control over the property tax in 2015. |
| Finance Secretary John Swinney said the replacement for stamp duty would be more progressive but some buyers would end up paying more. | Finance Secretary John Swinney said the replacement for stamp duty would be more progressive but some buyers would end up paying more. |
| The current system, which is administered by the UK Treasury, sees tax paid on the whole value of properties worth more than £125,000. | The current system, which is administered by the UK Treasury, sees tax paid on the whole value of properties worth more than £125,000. |
| Mr Swinney believed the changes in the Land and Buildings Transaction Tax (Scotland) Bill would help first time buyers by increasing the amount they can spend before they pay tax. | Mr Swinney believed the changes in the Land and Buildings Transaction Tax (Scotland) Bill would help first time buyers by increasing the amount they can spend before they pay tax. |
| The proposal has already been backed by Holyrood's finance committee, which welcomed measures to clamp down on tax avoidance on transactions involving land and buildings in Scotland. | |
| It has also called for clarity on the roles and responsibilities of two organisations involved in the tax - Revenue Scotland and Registers of Scotland. | It has also called for clarity on the roles and responsibilities of two organisations involved in the tax - Revenue Scotland and Registers of Scotland. |
| Revenue Scotland will be set up to ensure the "efficient" and "effective" care and management of the devolved taxes, including the replacement for stamp duty, while Registers of Scotland will collect land and buildings transaction tax. | Revenue Scotland will be set up to ensure the "efficient" and "effective" care and management of the devolved taxes, including the replacement for stamp duty, while Registers of Scotland will collect land and buildings transaction tax. |
| Mr Swinney said: "Today we take a further step toward the setting and collecting of taxes in Scotland and doing so better and at less cost than the UK government. | Mr Swinney said: "Today we take a further step toward the setting and collecting of taxes in Scotland and doing so better and at less cost than the UK government. |
| "Having the power to abolish stamp duty and replace it with a fairer and more progressive form of taxation has been widely welcomed and shows the importance of the Scottish Parliament having responsibility for all tax revenues in Scotland. | "Having the power to abolish stamp duty and replace it with a fairer and more progressive form of taxation has been widely welcomed and shows the importance of the Scottish Parliament having responsibility for all tax revenues in Scotland. |
| "In taking the Land and Buildings Transaction Tax Bill through parliament we are setting out an innovative approach to taxation that is much better aligned with Scots law and practices. | |
| "The changes we are proposing could see many people at the lower end of the housing market taken out of tax altogether, and gives us the opportunity to support first-time buyers to get on to the housing ladder and families seeking to buy bigger homes that better suit their needs. | "The changes we are proposing could see many people at the lower end of the housing market taken out of tax altogether, and gives us the opportunity to support first-time buyers to get on to the housing ladder and families seeking to buy bigger homes that better suit their needs. |
| "Rather than there being a rigid stepped approach to Stamp Duty Land Tax payments as there is now, more people would pay an amount more proportionate to the value of their property." | "Rather than there being a rigid stepped approach to Stamp Duty Land Tax payments as there is now, more people would pay an amount more proportionate to the value of their property." |