As noted in prior articles discussing the issue that the stamp duty hike has caused problems in the property market, but this week in the Telegraph, there has been a report that the stamp duty rise may push the property market over the edge. George Osborne’s rise in the stamp duty was announced in 2014, affecting residential properties. It may have been seen as a move to cool off the market whilst tapping into a new source of tax revenue.
However, Land Registry data provided by Savills shows that in the first eight months of 2015 there was a drop of 18% in receipts against 2014, which means the Exchequer will receive £810 million less from stamp duty last year. Another consequence of the rise in stamp duty is the implications for the development of new homes at the lower end of the market. The article in the Telegraph goes onto mention that we have kept our head above water when it came to the deluge of changes set out by the government, including the introduction of an ”annual tax on developed dwellings”, offshore capital gains tax, clamp downs on corporate vehicles buying property and the removal of the Buy-To-Let relief.
Read more information:- http://www.primepm.co.uk/latest-news
However, Land Registry data provided by Savills shows that in the first eight months of 2015 there was a drop of 18% in receipts against 2014, which means the Exchequer will receive £810 million less from stamp duty last year. Another consequence of the rise in stamp duty is the implications for the development of new homes at the lower end of the market. The article in the Telegraph goes onto mention that we have kept our head above water when it came to the deluge of changes set out by the government, including the introduction of an ”annual tax on developed dwellings”, offshore capital gains tax, clamp downs on corporate vehicles buying property and the removal of the Buy-To-Let relief.
Read more information:- http://www.primepm.co.uk/latest-news