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Will a \u2018mansion tax\u2019 raise more money for the public purse?published at 12:46 BST<\/p>\nWill a \u2018mansion tax\u2019 raise more money for the public purse?published at 12:46 BST<\/p>\n
12:46 BST<\/p>\n
Andrew Picken, BBC Scotland<\/p>\n
The
\nScottish Greens are proposing a shake-up of the Land and Buildings Transaction
\nTax (LBTT) – Scotland\u2019s version of stamp duty.<\/p>\n
There The Date published last year, external<\/a> suggests there are more than 11,000 The The How \n","protected":false},"excerpt":{"rendered":"Will a \u2018mansion tax\u2019 raise more money for the public purse?published at 12:46 BST 12:46 BST Andrew Picken,…\n","protected":false},"author":2,"featured_media":569182,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[49,50,51,47,52,48],"class_list":["post-569181","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/569181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=569181"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/569181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/569182"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=569181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=569181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=569181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nis no LBTT to pay on properties bought for under \u00a3145,000, external<\/a> but then the rates steadily increase up to
\n12% for purchases over \u00a3750,000. <\/p>\n
\nGreens want to reform the LBTT rates and exemptions but also add a new “mansion
\ntax” rate of 15% on properties worth over \u00a31m.<\/p>\n
\nhouses in Scotland in that price range with hundreds of them sold every year.<\/p>\n
\nGreens argue the move will raise more cash for public services but not everyone
\nis convinced by the policy. <\/p>\n
\nIFS think tank has said the idea is \u201ceconomically, external<\/a> damaging\u201d, external<\/a> while the Fraser of Allander Institute (FAI) points out , external<\/a>there are no revenue estimates provided for the
\nproposal.<\/p>\n
\nthe tax would impact market behaviour with, for example, bunching of
\ntransactions just below the \u00a31m threshold to avoid the higher rate, also needs
\nto be considered, according to the FAI. <\/p>\n