The Scottish Government has unveiled plans to offer land and buildings transaction tax (LBTT) relief on sales in green freeport areas.
The freeports initiative – a joint effort between the Scottish and UK governments – will offer special tax reliefs at sites across the UK, with two areas winning the status in Scotland – in the Forth region and in Inverness and the Cromarty Firth.
On Friday, the Scottish Government published its provisional plans to offer up to 100% relief for LBTT on transactions within the green freeport boundaries.
In a consultation document and draft regulations to amend the tax rules, ministers say any transaction where 90% of the property or land is within the green freeport boundary will be fully exempt from LBTT.
Partial relief will be offered for those with between 10% and 90% within the area.
The Scottish Government will also support councils to offer business rates relief for properties or property improvements within the areas.
The consultation on the relief is due to close on May 12.
Public finance minister Tom Arthur said: “We intend Scotland’s green freeports to become internationally competitive clusters of excellence. By offering LBTT relief we are trying to boost that process by encouraging businesses to expand and invest in underdeveloped sites with economic potential.
“Scotland’s green freeports aim to make a significant contribution to achieving our net-zero ambitions and will drive the creation of high-quality, well-paid jobs with fair work practices at their heart, including the payment of the real living wage.
“I encourage all interested parties to respond to the consultation, which is running for eight weeks. The Scottish Government will carefully consider all responses before regulations are introduced to the Scottish Parliament.”
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