RESEARCH REVEALS RECORD-BREAKING STAMP DUTY REVENUE
Research has shown that stamp duty revenue is on track to reach an all time high, rising 20% from the previous year’s figures to £8 billion. This is in spite of December’s surprise reforms replacing the “slab structure” of the previous system and in theory, saving buyers money in the process.
Though statistics from Savills have suggested that stamp tax duty revenue has fallen by 0.5% in London, this trend has not been representative of that seen in the rest of the country. Everywhere else, house buying behaviour is unchanged from trends reported previously.
Under the new programme, houses priced at £125,000 and under pay no tax, with properties above this bracket facing charges in increments up to £938,000. Beyond this point, the buyer is worse off, according to Martin Ellis, head of housing economics at Lloyds Banking Group. He said: “The recovery in the market has pushed stamp-duty revenues to record highs.
“It is [too] early to assess the impact of the December reform but signs are that the increased tax on properties above £938,000 has not deterred buyers.”
Alex Garland, founder and managing director of HouseSimple said to the Express: “If any clearer evidence was needed [that] the old stamp duty system was outdated and punitive, this is it.”
He went on to describe recent stamp duty reform as “a step in the right direction” but hastened to add that “more needs to be done” with respect to stamp duty reform.
MITIGATING TIPPING POINT COSTS WITH FIDUCIA
Property buyers looking at and beyond the stamp duty tipping point of £938,000 need not worry about stamp duty spiralling out of control, however. We work with buyers to efficiently and sensitively mitigate stamp duty costs on property transactions, with savings of up to 60%.
Speak to us today or call the team today on 01625 599 200 for more information. We’ll be able to answer your questions and alleviate any concerns you might have.