Personal Solicitors Suffolk – Scottish Parliament introduces progressive tax rates on stamp duty

Nick Palmer

‘In England, Stamp Duty is charged at a slab rate. If you buy a residential property for £250,000, you will pay £2,500 stamp duty – that is £250,000 taxed at 1%. However, if you pay £250,001 for the property, the tax payable increases to £7,500 as the entire purchase price is taxed at 3%. This single rate of taxation is unfair and distorts the market.

The Scottish Parliament has passed legislation with the intention of establishing progressive rates of tax so that portions of the purchase price are taxed at different percentages.’

Nick Palmer is a personal solicitor at Barker Gotelee Solicitors Suffolk

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