ESPC hail stamp duty replacement plan

Plans to replace stamp duty with a more progressive tax have been welcomed by the Edinburgh Solicitors Property Centre.

It agrees with the move away from the current “slab” structure of stamp duty, which it said creates inequalities in the level of taxation paid, particularly around the thresholds between tax bands.

At present, a difference in property selling price of just £1 can lead to thousands of pounds in additional tax for the buyer.

But it warned that the proposed new system in the Scottish Government’s Land and Buildings Transaction Tax (Scotland) Bill must be aware of regional variations in the property market.

The ESPC also warned that the rate of tax increases in relation to selling price must be well balanced in order to allow people to move up and down the property ladder.