Saturday, 17 December 2016

Mind the Gap

Image result for mind the gap + images

The Herald reports that the Scottish Government is hastily revising estimates of how much money will be raised from its new property sales tax, after budget figures reveal a likely shortfall of £750 million.

I wonder what the figures for England and Wales say because if I remember correctly, the new LBTT tax was introduced on the back of changes made in the Westminster Parliament by the then Conservative Chancellor, George Osborne?

Scottish Government facing £750m shortfall on property sale tax

Scottish Government facing £750m shortfall on property sale tax

By Tom Gordon - The Herald

THE SNP government is facing a £750 million black hole over the current parliament after massively overestimating how much tax it would receive from house sales.

Figures contained in Thursday’s budget documents show ministers have almost halved their forecasts for income from Land and Buildings Transaction Tax (LBTT).

Last year, the government estimated LBTT, the devolved replacement for stamp duty, would raise almost £1.8bn between 2017-18 and 2020-21 from residential sales.