Scots Property Tax: 10% above £250k

**barrydidit** · 10 October 2014, 07:09

Feck me. 12% on that one Scooter was waving about at the weekend . Or £132k

I imagine the asking price will be dropping shortly

Edit: here it is

**scooterscot** · 10 October 2014, 07:12

Do read the article you numpty. You'll always spend less tax buying a home in Scotland now.

First £135k = no tax
£135k - £250k = 2%
£250k+ 10%

A property bought at £300,000 in 2015 would mean a £7,300 charge [0% of £135,000; 2% of £115,000 and 10% of £50,000]. With stamp duty for a house at this price currently at 3%, the stamp duty payment would be £9,000.

**barrydidit** · 10 October 2014, 07:25

Originally posted by scooterscot View Post

You'll always spend less tax buying a home in Scotland now.

Ok, so the one you linked to would be £89,300, not £132,000. Still a bit more than £55,000 which is the rate (flat 5%) it'll replace.

It's a better way of doing it, certainly. Stamp duty bands as they stand are a right old pain in the arse, but 10% on anything from £250 to a million seems a bit steep.

**minestrone** · 10 October 2014, 07:42

Once you go past 325,000 you start to lose out and we would have had to pay quite a bit more.

More populist bulltulip.

**d000hg** · 10 October 2014, 07:45

Is this the same as the English system where it's on the whole value, or is it 10% on everything above £250k?

**eek** · 10 October 2014, 07:47

Originally posted by d000hg View Post

Is this the same as the English system where it's on the whole value, or is it 10% on everything above £250k?

Nope its tiered rates. its 10% on everything above £250k...

people are better of if the house is less than £325,000

**Doggy Styles** · 10 October 2014, 07:52

'Til the pips squeak.

It's the leftie way.

**d000hg** · 10 October 2014, 07:57

Originally posted by eek View Post

Nope its tiered rates. its 10% on everything above £250k...

people are better of if the house is less than £325,000

I hate that the English system isn't like that. Even if the bands were shifted so it didn't affect what my house cost at all, it just seems inherently broken to have such a step-change. In communities where the prices are generally not above £250k they all hit that ceiling and stop, while other communities above the ceiling carry on increasing in value.

**eek** · 10 October 2014, 07:59

Originally posted by d000hg View Post

I hate that the English system isn't like that. Even if the bands were shifted so it didn't affect what my house cost at all, it just seems inherently broken to have such a step-change. In communities where the prices are generally not above £250k they all hit that ceiling and stop, while other communities above the ceiling carry on increasing in value.

Yep, currently anything within 10% of the bottom of a band drops to the top of the previous band

Scots Property Tax: 10% above £250k