Scotland Plans Property Tax on Homes Worth Over £1 Million (1)

The Scottish government plans to introduce two new council tax bands by 2028 for the most expensive properties while raising the threshold at which lower earners pay income tax.

Higher local rates will be paid on homes worth more than £1 million ($1.35 million) based on an up-to-date valuation, Finance Secretary Shona Robison told the Scottish Parliament in Edinburgh. The move is intended to “bring greater fairness and increased revenue to councils,” she said.

The UK government has also been looking into how it can adjust the tax system so that people in the most expensive properties pay more. As ...