Views sought on axing tax for first-time buyers

Views are being sought on plans to scrap Scottish stamp duty for first-time buyers on homes up to £175,000.

A consultation has been launched on the proposal announced by Finance Secretary Derek Mackay in the draft budget in December and due to be in place by June.

The Scottish Government said around 12,000 first-time buyers would benefit each year by up to £600, with an estimated 80 per cent of all first-time buyers paying no Land and Building Transaction Tax (LBTT) – the devolved equivalent of stamp duty.

It follows the move by Chancellor Philip Hammond to abolish stamp duty on homes under £300,000 for first-time buyers in the rest of the UK, which has been criticised for potentially pushing up house prices.