A Green Party politician has called for a mansion tax of 15% to be slapped on the sale of properties valued at £1m or more.

Ross Greer, a Member of the Scottish Parliament tabled amendments to the Housing (Scotland) Bill to create a new band of Land and Buildings Transaction Tax on the most expensive homes. 

The highest rate of LBTT is currently 12%, starting at homes selling for £750,000 and above. 

The Green MSP had proposed that a further band should kick in at £1 million, suggesting it start at 15%. During a debate on the proposals in Parliament he pointed to the example of the an near Edinburgh, currently on sale for offers over £15 million, suggesting that its buyer should pay a higher rate of tax than someone purchasing an £800,000 townhouse in the city.

The proposal was rejected by SNP, Labour and Conservative members of the Scottish Parliament’s Local Government and Housing Committee.

Greer says: “It is disappointing that MSPs from other parties rejected our Green proposal for a Mansion Tax. A higher tax on the biggest and most luxurious properties could have raised money to support public services like the NHS and schools. Only the very wealthiest people in the country, who can afford to pay more, would have been impacted. 

“Scotland has enough wealth to end injustices like child poverty tomorrow, but far too much of this money is in the hands of a tiny number of super-rich people and big corporations.

“Property taxes are important to ensure the wealthiest people pay their fair share back into our public services. I hope other MSPs remember that when they next complain about cuts to public services due to a lack of money.”