MSP Fiona McLeod has welcomed the announcement of a further £330m for new school buildings and £16.6m to expand early learning and childcare in today’s (Thursday, October 9)Scottish budget.
The Strathkelvin and Bearsden MSP says the new Land and Buildings Transaction Tax will save first time buyers £1,300 on a house price of £130,000, while families could save £4,500 on the old stamp duty system on a house price of £260,000.
Ms McLeod said it was a very exciting Scottish budget for families across Scotland but most welcome in East Dunbartonshire.
Fiona commented:“East Dunbartonshire has already benefited from the Scottish Governments ‘Schools for the Future’ investment with funding for two local new build schools – this new funding could be a further opportunity for the area to benefit from the scheme.
“I am delighted that early learning and childcare are benefiting from an increase in funding; only with this investment can we hope to iron out the inequalities in our society at the beginning of a child’s life with extra hours of free childcare and the implementation of free school meals for P1-3.”
She added: “Locally, we will most definitely feel the benefit of the introduction of the Land and Buildings Transaction Tax which replaces ‘Stamp Duty’ from 1st April 2016.
“There will still be bandings on house prices but when you go into a higher banding threshold, you only pay the increased rate for the proportion that falls within that band – not the whole amount.
“If you buy a house at the Scottish average - £162,000 – you are set to save £1,080 in the taxes you would have paid under the old system. This is very welcome news for home buyers.”