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HMRC stamp duty bonanza

HMRC stamp duty bonanza

A rise in stamp duty land tax revenues has been driven by an increase in the sale of homes in the £1m to £2m price bracket, Nimesh Shah has claimed.

Citing HM Revenue & Customs figures, which revealed that stamp duty receipts grew by 31 per cent in the 12 months to February 2014, the senior manager at London-based chartered accountants Blick Rothenberg, said the reviving property sector was being driven by “high-end” property sales.

National data from HMRC shows that stamp duty tax receipts grew from £6.89bn between March 2012 and February 2013, to £9.03bn between March 2013 and February 2014.

The number of property transactions above £40,000 grew by just 19 per cent from 935,910 to 1,120,390 in the same period.

He said: “The stamp duty rates applying to residential property transactions over £1m and £2m are 5 per cent and 7 per cent respectively. Although these latest statistics point towards a resurgent property market, it seems activity at the higher property value end is fuelling the increased tax take.”

Source: HMRC

Adviser view

Oliver Whitehead, managing director of London mortgage intermediary Oportfolio, said: “With this type of increase it’s no wonder the government made no concession for amending stamp duty thresholds in the Budget.

“It wants to stimulate the property market, but the problem is that property prices are rising, and it’s either stopping people from moving, or they are paying more in tax.”

Source: FT Adviser




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