Stamp Duty Land Tax decrease
At £8.32 billion, Treasury coffers netted £750 million less in residential SDLT (Stamp Duty Land Tax) receipts across England in the financial year to the end of April, compared to 2017/18. This is despite just 16,000 fewer transactions taking place.
All regions witnessed a fall in receipts except for the East and West Midlands. The London market accounts for over half the fall, with receipts down by more than 10% over the year, the equivalent to £380 million.
45% of SDLT income in England and 38% of LTT income across Wales, is attributable to properties that were subject to the Higher Rate of Additional Dwellings tax, the 3% element accounting for a fifth of total receipts collected.
Across England close to 214,000 first-time buyers benefited from Stamp Duty Relief, a loss to the Treasury of over half a billion.
Planned Works in Brighton
10th June 2022
In the pre summer rush, there has been several plans for development in Brighton & Hove put into motion… The…
Buy to Let Sales
10th June 2022
With such a surge in the market at present, there has never been a better time to expand your portfolio….
Plans to Extend Right to Buy
10th June 2022
Boris Johnson has announced that around 2.5 million tenants who are renting from housing associations will be given the right…