Test News article

Fri 13 Mar 2015

The amount of money earned by the government through stamp duty is likely to rocket by about 20 per cent this year.

The increase is on the back of rising house prices and larger numbers of transactions, according to the Halifax.

 

Total revenue from property stamp duty is likely to hit £8 billion in the 2014-15 tax year, compared to £6.45bn in 2013-14. It will also overhaul the previous high of £6.68bn reached during the boom year of 2007-08. 

 

However, the Halifax insists that there is little sign that the stamp duty changes announced by chancellor George Osborne in the autumn statement back in December will make any significant impact on the market, despite the new regime reducing duty on homes sold for £938,000 or less.

 

Around 75 per cent of buyers in England and Wales were liable to pay stamp duty in December and January but in London that figure rose to over 95 per cent compared with just 53 per cent of purchasers in north east England.

 

Some 81 per cent of stamp duty revenue in 2014-15 is alikely to have come from just four regions - London, the south east, south west and the east. London alone will contribute 42 per cent of the total.

 

Twenty years ago stamp duty secured less than eight per cent of its present total.

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March 2015

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