Scots cross ‘milestone’ with stamp duty - Swinney

John Swinney: New powers will put first-time buyers first. Picture: PA

THE Scottish Parliament will cross a “huge milestone” today as measures which will see Holyrood assume significant tax-raising powers are passed, finance secretary John Swinney has said.

MSPs are to take over control of stamp duty when the Land and Buildings Transactions Tax (LBTT) is expected to be passed by a vote in parliament.

It means the Scottish Parliament will set and collect a proportion of the revenue it spends for the first time.

Holyrood does have the power to vary income tax by 3 pence – the so-called tartan tax – but this has never been used.

Mr Swinney said: “With parliament’s approval the passing of this bill will be a huge milestone for Scotland – it will enable us to set and collect taxes in a more cost effective and fairer way than the UK government.

“This bill will give us the opportunity to better support first-time buyers.”