First Scottish Tax in 300 Years Seen Cooling Housing

Buyers and sellers of homes in Scotland are rushing to close deals before the first new tax in 300 years imposed by a government in Edinburgh takes force in April.

The regional parliament approved the tax on property transactions using powers granted to it by the U.K. prior to Scotland’s failed bid for independence in September. The levy hits buyers of expensive homes the hardest, while sparing Scots purchasing the cheapest housing.