The proposals include changing the structure of the tax to a progressive system where the amount of tax paid is more closely related to the value of the property.
Two further consultations will be issued before the end of 2012.
John Swinney, finance Secretary of the Scottish Parliament, also outlined his plans to establish Revenue Scotland, a body which will work with Registers of Scotland and the Environmental Protection Agency to ensure the collection and administration of taxes at a lower cost than that proposed by HMRC.
Swinney said: “In today’s consultation on the proposed Land and Building Transaction Tax we have signalled our preference for a progressive system of taxation where the amount of tax paid is more closely related to the value of the property and therefore to the ability of the individual to pay.
“At the same time our consultation also indicates a willingness to adjust the threshold at which taxation is levied in order to support those at the lower end of the market.”
David Melhuish, director of the Scottish Property Federation, said: “Much detail remains to be identified including the rates and treatment of commercial leases but in our view the consultation document sets the right direction for engagement with the property industry on how to replace SDLT in Scotland from 2015.
“In our discussions with officials we have emphasised that from a commercial perspective it will be important to ensure that investors and developers are reassured that a competitive, simpler and fairer tax is under consideration to replace SDLT.
“The consultation makes a good start on these issues. Equally we are pleased to see the continuance of hard fought concessions from SDLT such as the disaggregation of residential portfolios so that individual homes are charged at the correct rate in order to support larger scale investment in the private rented residential sector.”
David Mackie, spokesman at the National Association of Estate Agents, said: “The Scottish government’s proposed changes to Stamp Duty will come as welcome news to the housing market in Scotland and to prospective homeowners across the country.
“Although we still await the details, we are encouraged that the Scottish government is looking at options for changing the current slab structure to a more progressive system. We have long argued that the slab structure for Stamp Duty is unfair and creates huge distortions in the market and we hope that the proposed Land and Buildings Transaction Tax turns out to be a much fairer and more logical system.
“We applaud the Scottish government for recognising the important role that housing provides in the wider economy and call on Westminster to follow suit.”
