Stamp Duty Take drops 7%
Income received from Stamp Duty Land Tax in 2018/19 was 7% lower than the year before, according to Government figures. The actual figure collected was £11.94 million.
This is the largest drop since the depths of the recession in 2008/09, and appears to have been caused by a drop in residential stamp duty receipts. These were 10% lower in the year.
HMRC has said the reduction has come through the stamp duty relief for first time buyers and the devolution of the property tax to Wales. Without these measures the reduction is estimated to be around 3%.
First time buyers relief was introduced in November 2017, making purchases below £300,000 exempt from stamp duty. In April 2018, stamp duty was replaced by the Welsh Assembly’s Land Transaction Tax.
If you’d like to know more about stamp duty or other taxes, please get in touch.
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