Stamp Duty revenues hit record high.

 

Another boost for George Osborne just prior to the budget next week as stamp duty revenues are set to hit a record high of £8billion in the current financial year, this follows on from the stamp duty reforms announced earlier in the year along with a soaring domestic housing market, the last high in revenues of £6.68billion was seen in 2007/8 at the peak of the then housing boom.

Stamp duty is payable on all properties above £125,000, but since house prices have soared steadily over the past year, more homes have qualified for the tax and therefore more revenues are expected to find their way into the Treasury’s coffers in the current financial year.
The capital’s first-time buyers were amongst the biggest contributors to stamp duty, with two thirds of all house purchases being above £250,000, compared to just one to two per cent in the other regions.

Allen Walkey

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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