Scots cross ‘milestone’ with stamp duty - Swinney

THE Scottish Parliament will cross a “huge milestone” today as measures which will see Holyrood assume significant tax-raising powers are passed, finance secretary John Swinney has said.

John Swinney: New powers will put first-time buyers first. Picture: PA

MSPs are to take over control of stamp duty when the Land and Buildings Transactions Tax (LBTT) is expected to be passed by a vote in parliament.

It means the Scottish Parliament will set and collect a proportion of the revenue it spends for the first time.

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Holyrood does have the power to vary income tax by 3 pence – the so-called tartan tax – but this has never been used.

Mr Swinney said: “With parliament’s approval the passing of this bill will be a huge milestone for Scotland – it will enable us to set and collect taxes in a more cost effective and fairer way than the UK government.

“This bill will give us the opportunity to better support first-time buyers.”