Stamp Duty

Scottish Conservative and Unionist MSP Graham Simpson says the SNP Government must urgently follow the UK Government’s lead and give a ‘lease of life’ to the housing market.

Mr. Simpson says SNP Finance Secretary Kate Forbes should raise the Land and Buildings Transaction Tax threshold in Scotland in line with the Stamp Duty cut put into law instantly by Chancellor Rishi Sunak.

The move to raise the threshold at which Stamp Duty will be paid is to be raised to £500,000 immediately in England and Northern Ireland.

However, with the SNP Government having their own Land and Buildings Transaction Tax, those seeking to purchase homes in Scotland will not benefit currently.

Commenting, Mr. Simpson said: “The cut in the stamp duty threshold is an incredible show of support for the housing market from the UK Government.

“The SNP Government now must urgently follow the Chancellor’s lead and raise the threshold on their own Land and Buildings Transactions Tax.

“As we come out of lockdown restrictions, we must be supporting our housing market, but that simply won’t happen if the SNP stick to their current arrangements.

“If it is not carried out, then the SNP are only putting our housing sector even further behind their counterparts in other parts of the United Kingdom.

“We must be doing all we can to stimulate the economy here in Central Scotland and opening up the housing market is an innovative way to do that.

“It’s over to Kate Forbes to do this as a matter of urgency.”