The housing market recovery helped stamp duty revenues soar by a fifth in 2014-2015 to a record high of £8bn, according to research.
Findings published by Halifax suggested higher numbers of residential property transactions and increased prices have lifted stamp duty revenues from £6.45bn in 2013-2014 to £8bn in the latest financial year. Current stamp duty revenues are now 15 times as much as the £520m raised by residential stamp duty 20 years ago, in 1994-1995, Halifax said. Under the new structure of the duty introduced in December, no tax is paid on any of the value of a property below the starting threshold of £125,000. Above the first threshold, tax is charged at the relevant rate on the amount by which the ...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.