Jane10 I have eventually discovered where you got your £800 million figure from - a guesstimate from Tory spokesperson Murdo Fraser covering the next four years. The actual shortfall so far is £57million caused in part by the UK Government lowering the higher rates of Stamp Duty before the new Scottish Land Tax came into effect, which in turn led to a flurry of high end purchases and sales in a bid to beat the new Tax deadline. That high end sales have flatlined since is hardly surprising, but there are signs that the market is picking up again as people need to upsize, downsize or move elsewhere. Consequently the Tax take is rising.
John Swinney has admitted that the initial figures were flawed and therefore changes will be made. Worth noting that at the other end of the Housing Market i.e. small, one bed flats, business is brisk with properties changing hands at £39,500 or even £39,999 in order to pay no Land Tax at all. Perhaps bad news for the tax take but, as was intended, excellent news for 1st time buyers.
For the Scottish Government it is not all about raising as much tax as possible but rather about using their limited powers to relieve the burden on the low paid by making the better off pay more. I understand why this stance is incomprehensible to the 'winner takes all Tories' but it certainly mirrors the predominately 'left of centre' position of the majority of Scottish People.
To think that London, or anywhere else for that matter, does not belong to any one demographic