Estate Agents in Scotland have expressed their disappointment after the Scottish Government confirmed it has no plans cut duty on purchasing a home.
Reports suggest stamp duty rates in England are to be temporarily revised in the Autumn budget in order to help the property market recover from the current crisis.
However, the Scottish Government has said there are no plans for a similar move involving Land and Buildings Transaction Tax (LBTT).
A government spokesman said its “progressive approach” to the tax meant that homebuyers paid nothing in almost half of all sales in Scotland in 2018-19.
However, Kevin Maley, of estate agents Strutt & Parker, said he was disappointed that relief to LBTT was not forthcoming.
“We would have welcomed a similar review in Scotland,” he said.
“Any relief in LBTT would undoubtedly have stimulated the property market, which would in turn have helped strengthen the economy as we navigate our way out of lockdown.
“It would have encouraged more people to put their homes on the market, even beyond the normal seasonal window, and it would probably have resulted in an increase in transactions.”
Estate agents Savills said they would also have welcomed a cut.
A Scottish Government spokesman said: “Currently there are no plans to reduce LBTT. The progressive approach we have taken to setting rates and bands means that, in 2018-19, just under half of all residential transactions were below the zero rate threshold and the median home buyer paid just £200. In addition, as at end March 2020 our first-time buyer relief has helped more than 21,000 taxpayers to buy a home.”
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