Stamp Duty hike raises £424 million extra for HMRC in three months

first_imgHome » News » Stamp Duty hike raises £424 million extra for HMRC in three months previous nextRegulation & LawStamp Duty hike raises £424 million extra for HMRC in three monthsMost of the revenue came from sales of properties sold for less than £250,000.The Negotiator2nd August 20160567 Views Andrew Lloyd, Managing Director of Search Acumen, says, “These figures show that despite a tumultuous three months in British politics, and the Government’s decision to penalise those investing in additional properties, the residential and buy to let markets has stayed strong. In fact, the second quarter of 2016 saw a 10 per cent jump in residential transactions from the previous year and was the highest recorded figure for this quarter since 2007. Although it may feel as though we are in a time of constant change and uncertainty, we can look ahead with some optimism despite the looming realities of Brexit. The market is fundamentally strong.“This increase in residential transactions has also meant that the Government has benefitted from an additional £424million in revenue, generated from April’s SDLT tax hike. The figures suggest that the driving force for these rises came from properties valued below £250,000 which continue to be the preference among buy-to-let investors who accounted for almost a fifth of these transactions in Q2.“However, the Government has in many ways shot themselves in the foot. Instead of freeing up the lower end of the market for first-time buyers as promised by George Osborne, competition for these more affordable properties has intensified and therefore further squeezed out many first-time buyers from getting onto the housing ladder. Going forward, the newly appointed Housing Minister will need to focus his attention on delivering a working and sustainable housing market, especially for this end of the market.”HMRC Stamp Duty revenue stamp duty August 2, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img