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Stamp Duty helps the taxman bag an extra £19.5 billionStamp duty on property purchases and a surge in transactions in the second half of 2013 led to a whopping £19.5 billion increase in the Treasury's take take last year.

HMRC figures show that from July to December inclusive there were an average of over 100,000 sales of apartments and houses each month (and in fact in November the total exceeded 110,000). This helped take the full year total to over one million transactions.

The £19.5 billion windfall includes stamp duty, corporation tax, income tax, VAT receipts, National Insurance and other income, but a breakdown shows the large contribution made by Stamp Duty Land Tax on property transactions.

Whereas this provided £6.008 billion in 2011, rising gently to £6.665 billion in 2012, it then soared to £8.586 billion last year.

A firm of chartered accountants, Blick Rothenberg LLP, says property purchases may rise in early 2014 as buyers seek to beat a new fiscal deadline.

"It will be interesting to see the number of transactions in this year's first quarter as we expect there to be a flurry of transactions in advance of April 5 when the final period of ownership for principal private residence relief is being cut from 36 to 18 months" says Blick Rothenberg's senior manager, Nimesh Shah.

Comments

  • icon

    19.5 bn increase in tax revenue's - something positive is happening out there !

    • 31 January 2014 05:26 AM
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    It was a pleasure to fill your coffers, Mr Taxman

    • 29 January 2014 11:04 AM
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    OH - FOR CRYING OUT LOUD...

    The headline states 19.5 BILLION.

    By the first line of para 3 of the story body, it has dropped to 19.5 MILLION

    The actual figure, Mr Journo, is ONE POINT NINE FIVE BILLION POUNDS.

    INCREDIBLY sloppy journalism. Rosalind wouldn't have allowed such MTD to hit our screens.

    Progress I think not. MASSIVE leap back, EAT.

    • 29 January 2014 10:14 AM
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    It's going to be a busy year

    :)

    • 29 January 2014 09:47 AM
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