Scottish Budget announcement includes 110k affordable homes plan

The Budget 2022-2023, announced 9 December 2021, focuses on business recovery, as well as investing in energy efficiency measures, public services and delivering house building projects.

At the forefront of the Scottish Government's budget is an £831 million investment in affordable housing to deliver 110,000 affordable homes over the next ten years. Additionally, an extra £350 million will be put towards driving forward previous commitments to decarbonise the heating of one million homes, plus the equivalent of 50,000 non-domestic buildings by 2030.

A further £414 million has been pledged to energy efficiency projects, with low carbon and renewable heat sources being at the core of plans going into 2022-2023. This includes a £160 million support package for those least able to pay for home energy improvements and tackle fuel poverty.

There is a further £60 million to be made available for large scale heat decarbonisation projects. The 3.4 per cent budget increase from last year will enable the Scottish Government to refocus grants for energy efficiency and heat measures.

Also announced in the Budget is the continuation of Business Growth Accelerator Relief, under which businesses occupying new build property are exempt from paying business rates for 12 months after occupation. This also applies where a premises needs to be expanded or have improvements made.

The Small Business Bonus Scheme is to remain, meaning businesses with a rateable value of less than £15,000 will continue to benefit from non-domestic rates relief. Additionally, Land and Buildings Transaction Tax (LBTT) rates and bands are to be maintained, while a consultation seeking views on the operational effectiveness of the additional dwelling supplement (ADS) is due to be carried out.

The budget also introduced legislation to be laid out throughout 2022-2023 to implement a 70-day rule for self-catering property and to close non-domestic rates loopholes.

Read the full budget...