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HMRC: UK government’s property taxes produce falling revenue

The UK is reported to have dropped down the league table of governments that secure vast amounts of income from property taxes.

In 2020 the UK was in first place in the list of governments which raised tax from property, but in 2021 dropped behind South Korea, Canada and the United States. 

Financial services firm Altus, which calculates the league table, is reported by The Independent to have said that about £1 in every £8.50 collected by the UK government last year came from property taxes - this represents around 11.8 per cent of all UK government tax revenue.

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Previously it was as high as 12.4 per cent but the revenue dropped as a result of factors including reductions in business rates during the pandemic.

HMRC took £81.4 billion from property taxes in 2021, compared to £90.3 billion the previous financial year, Altus says.

The property taxes include council tax, business rates, stamp duty land tax and, in Scotland, land and buildings transaction tax.

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