{"id":8723,"date":"2014-10-10T16:22:56","date_gmt":"2014-10-10T15:22:56","guid":{"rendered":"http:\/\/ihbconline.co.uk\/newsachive\/?p=8723"},"modified":"2014-10-10T16:22:56","modified_gmt":"2014-10-10T15:22:56","slug":"scottish-government-draft-budget-20152016-views-by-22-oct","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=8723","title":{"rendered":"Scottish Government Draft Budget 2015\/2016: Views by 22 Oct"},"content":{"rendered":"<p><span style=\"text-decoration: underline;\">Scotland\u2019s Finance Secretary John Swinney set out the proposed 2015-16 Scottish Government budget in the Scottish Parliament yesterday, including details of Scottish Landfill Tax (SLfT), and the Land and Building Transaction Tax (LBTT), with the Economy, Energy and Tourism Committee inviting views on the draft budget by Wednesday 22 October<\/span><strong>.<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">The Scottish Government writes<\/span>:<br \/>\nProposed new tax rates are set to benefit first-time buyers and those at the lower end of the housing market, it was confirmed today.\u00a0 The rates for the Land and Buildings Transaction Tax (LBTT) \u2013 which will replace UK Stamp Duty Land Tax from April 2015 \u2013 were announced as part of the Draft Scottish Budget 2015\/16.<\/p>\n<p>The tax will be the first to be introduced by the Scottish Parliament in 300 years and will change the way people pay tax on property purchases.\u00a0 The new rates will only be payable on the portion of the total value which falls within each band. This contrasts with the \u2018slab\u2019 structure of stamp duty under which the higher tax rate is payable on the whole purchase price when a threshold is crossed.<\/p>\n<p>The rates will also:<\/p>\n<ul>\n<li>Take 5,000 additional house purchases out of tax by ensuring that nobody will pay tax on the first \u00a3135,000 of their house purchase &#8211; \u00a310,000 higher than the current stamp duty threshold;<\/li>\n<li>Ensure that no tax will be payable on 45 per cent of transactions;<\/li>\n<li>Reduce the tax charge relative to stamp duty for a further 44,000 house purchases up to \u00a3325,000; and<\/li>\n<li>Ensure that 90 per cent of homebuyers will either pay less or the same amount as they would under current arrangements.<\/li>\n<\/ul>\n<p>The two devolved taxes will be collected by Revenue Scotland and are expected to bring in an estimated \u00a3558 million in 2015-16. Scotland\u2019s block grant will be adjusted to recognise that these tax receipts will flow directly to Holyrood and not to the Treasury in London.<\/p>\n<p><span style=\"text-decoration: underline;\">Scottish Landfill Communities Fund<br \/>\n<\/span>Communities near landfill sites will benefit from increased funding from the Scottish Landfill Communities Fund the Finance Secretary John Swinney outlined today.<\/p>\n<p>Today\u2019s budget delivers on the ask of the Scottish people during the referendum to build a prosperous and fair Scotland and following this Mr Swinney announced the proposals to establish a fund for local worthy causes. This will be financed through a tax credit system and projects within 10 miles of a landfill site or waste transfer station will be eligible.<\/p>\n<p>Mr Swinney made the announcement during the Budget today where he confirmed the standard rate of Scottish Landfill Tax should be at \u00a382.60 per tonne and lower rate \u00a32.60 per tonne.<\/p>\n<p>The Scottish Landfill Tax Communities Fund will be similar to the UK Landfill Communities Fund (UK LCF) though the Scottish Government proposes to increase the tax credit limit by ten per cent over the UK LCF at introduction.<\/p>\n<p>Environment Secretary Richard Lochhead said: \u2018Those living close to landfill sites can experience some detrimental impacts which is why this fund will provide for communities or environmental projects in the vicinity of land sites. By increasing the tax credit allowance by ten per cent over the UK model we are enhancing the role of the communities fund and increasing the funding available to address environmental harm without increasing the burden of taxation.\u2019<\/p>\n<p><a href=\"http:\/\/news.scotland.gov.uk\/News\/Scottish-Landfill-Communities-Fund-established-1113.aspx\" target=\"_blank\">Scottish Landfill Communities Fund press release<\/a><\/p>\n<p><a href=\"http:\/\/news.scotland.gov.uk\/News\/Land-and-Buildings-Transaction-Tax-1118.aspx\" target=\"_blank\">LBTT press release\u00a0<\/a><\/p>\n<p><a href=\"http:\/\/www.scottishparliament.tv\/search.aspx?keywordSearch=budget&amp;initialLoad=1&amp;x=0&amp;y=0\" target=\"_blank\">Parliament TV recording of the budget announcement<\/a><\/p>\n<p>Scottish Budget Draft Budget 2015-16 Devolved Taxes &#8211; Forecasting Methodology <a href=\"http:\/\/www.scotland.gov.uk\/Resource\/0046\/00460449.pdf\" target=\"_blank\">Report<\/a><\/p>\n<p>Background\u00a0and invitation to respond\u00a0 to the <a href=\"http:\/\/www.scottish.parliament.uk\/gettinginvolved\/77643.aspx\" target=\"_blank\">2015\/16 budget\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scotland\u2019s Finance Secretary John Swinney set out the proposed 2015-16 Scottish Government budget in the Scottish Parliament yesterday, including details of Scottish Landfill Tax (SLfT), and the Land and Building Transaction Tax (LBTT), with the Economy, Energy and Tourism Committee &hellip; <a href=\"https:\/\/newsblogs.ihbc.org.uk\/?p=8723\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8723","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/8723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8723"}],"version-history":[{"count":1,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/8723\/revisions"}],"predecessor-version":[{"id":8724,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/8723\/revisions\/8724"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}