HMRC published new data on Stamp Duty this morning which show increases in all regions. The biggest increase was in the North East, where HMRC took 25 per cent more from home buyers in 2012-13 than they did in the previous year.
The data also showed that a record-breaking amount was taken from home buyers in London, where receipts rose by 23 per cent to over £2 billion.
This confirms previous research by the TaxPayers' Alliance showing how punitive rates of Stamp Duty are causing real problems for an ever-growing number of taxpayers. We also commissioned research from Walbrook Economics which found that cutting Stamp Duty would have a minimal effect on the revenues raised, due to the nature of the housing market. Lower rates would mean more people would move, increasing revenues not just from Stamp Duty but other taxes, too.
If you haven't yet sent your MP a message telling them what you think, go to StampOutStampDuty.org now so your voice can be heard.