Scotland politics

How do the property tax systems add up?

The Scottish Finance Secretary John Swinney has revised his planned property tax changes, due to come into effect on 1 April.

His original scheme, announced in October last year, proposed new bands, plus a gradual tax, similar to income tax.

Two months later, UK Chancellor George Osborne adopted the same gradual approach to stamp duty, but with different bands and rates. That move prompted a re-think by Mr Swinney who has now changed his proposal.

Here are some random purchase prices showing the tax under the old stamp duty system; the new UK property tax; the draft Scottish system and the revised Scottish system......

  • Note: Pictures used are for illustrative purposes

What's the tax for a £135,000 house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £1,300 tax
  2. New system (UK) - £200 tax
  3. Draft Scottish system - No tax to pay
  4. Revised Scottish system - No tax to pay

What's the tax for a £233,000 house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £2,330 tax
  2. New system (UK) - £2,160 tax
  3. Draft Scottish system - £1,960 tax
  4. Revised Scottish system - £1,760 tax

What's the tax for a £325,000 house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £9,750 tax
  2. New system (UK) - £6,250 tax
  3. Draft Scottish system - £9,800 tax
  4. Revised Scottish system - £5,850 tax

What's the tax for a £490,000 house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £14,700 tax
  2. New system (UK) - £14,500 tax
  3. Draft Scottish system - £26,300 tax
  4. Revised Scottish system - £22,350 tax

What's the tax for a £560,000 house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £22,400 tax
  2. New system (UK) - £18,000 tax
  3. Draft Scottish system - £33,300 tax
  4. Revised Scottish system - £29,350 tax

What's the tax for a £1m house?

Image copyright Thinkstock
  1. Stamp duty system (now abolished) - £40,000 tax
  2. New system (UK) - £43,750 tax
  3. Draft Scottish system - £77,300 tax
  4. Revised Scottish system - £78,350 tax

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