Written Question · S4W-06683 · Session 4
What preparations it has made in advance of the devolution of stamp duty; at what rate it will set the duty; how much it expects to raise, …
The question
To ask the Scottish Executive what preparations it has made in advance of the devolution of stamp duty; at what rate it will set the duty; how much it expects to raise, or whether it plans to abolish it.
The answer
The Scottish Government intends to consult shortly on proposals for a land transaction tax to be introduced in April 2015, in the expectation that the current system of Stamp Duty Land Tax will be withdrawn from that date in Scotland. We will consider the question of tax rates in due course.
In March 2012, the Office for Budget Responsibility published its forecasts for Stamp Duty Land Tax revenues in its report Economic and Fiscal Outlook, Scottish Tax Forecasts, available at http://budgetresponsibility.independent.gov.uk/economic-and-fiscal-outlook-march-2012/. Its forecast for Stamp Duty Land Tax revenue in Scotland for 2015-16, the year in which a land and property transaction tax will be introduced, is £480 million.
In March 2012, the Office for Budget Responsibility published its forecasts for Stamp Duty Land Tax revenues in its report Economic and Fiscal Outlook, Scottish Tax Forecasts, available at http://budgetresponsibility.independent.gov.uk/economic-and-fiscal-outlook-march-2012/. Its forecast for Stamp Duty Land Tax revenue in Scotland for 2015-16, the year in which a land and property transaction tax will be introduced, is £480 million.
In the Official Report
No contribution in the Official Report cites S4W-06683 by reference.