SCOTSIN - SCOTLAND: Other Taxes in Scotland

SCOTLAND: Other Taxes in Scotland

Written by Scotland.org
Tuesday, 28 February 2006
Other Taxes in Scotland: Value Added Tax (VAT) is a tax charged on most business transactions made in the UK or the Isle of Man. Stamp duty is payable whenever you buy a property, except properties in certain designated disadvantaged areas. VAT Value Added Tax (VAT) is a tax charged on most business transactions made in the UK or the Isle of Man. It is also charged on goods, and some services, imported from places outside the European Union and on goods and some services coming into the UK from the other EU countries. VAT is charged at 17.5% on most items. Stamp duty Stamp duty is payable whenever you buy a property, except properties in certain designated disadvantaged areas. The rates are as follows: Value of property Up to and including £120,000: nil Over £120,000: 1% There are some exceptions to this rule. Further information can be found via the HM Revenue and Taxes website. Courtesy of Scottish Government - Scotland Is The Place .

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