How do the property tax systems add up?

The Scottish Finance Secretary John Swinney has revised his planned property tax changes, due to come into effect on 1 April.

His original scheme, announced in October last year, proposed new bands, plus a gradual tax, similar to income tax.

Two months later, UK Chancellor George Osborne adopted the same gradual approach to stamp duty, but with different bands and rates.

That move prompted a re-think by Mr Swinney who has now changed his proposal.

Here are some random purchase prices showing what the tax was under the old stamp duty system; the new UK property tax system; the draft Scottish system and the revised Scottish system......

 What's the tax for a £135,000 house?

1. Stamp duty system (now abolished) - £1,300 tax
2. New system (UK) - £200 tax
3. Draft Scottish system - No tax to pay
4. Revised Scottish system - No tax to pay 

What's the tax for a £233,000 house?

1. Stamp duty system (now abolished) - £2,330 tax
2. New system (UK) - £2,160 tax
3. Draft Scottish system - £1,960 tax
4. Revised Scottish system - £1,760 tax

What's the tax for a £325,000 house?

1. Stamp duty system (now abolished) - £9,750 tax
2. New system (UK) - £4,000 tax
3. Draft Scottish system - £9,800 tax
4. Revised Scottish system - £5,850 tax

 What's the tax for a £1m house?
 

1. Stamp duty system (now abolished) - £50,000 tax
2. New system (UK) - £43,750 tax
3. Draft Scottish system - £77,300 tax
4. Revised Scottish system - £78,350 tax

Source: www.bbc.com