The Treasury is cashing in on the housing crisis with Stamp Duty revenues approaching record numbers and millions more being dragged into the punitive, higher rates, according to figures from Nationwide and the Office for Budget Responsibility.
Despite the number of home sales being significantly below those for the 12 months to October 2007, when Stamp Duty revenues peaked at £10.6 billion, the building society estimated revenues have soared to a total of £10.2 billion for the 12 months to June.
Meanwhile, the Office for Budget Responsibility has calculated that one in four homes are now caught by rates of 3 per cent or more, up from one in ten in 2003. TaxPayers’ Alliance research last year estimated that this will rise to one in three homes by 2017-18and the number of homes subject to any Stamp Duty rate will rise to four in every five.
Back in August last year I wrote in City AM about why Stamp Duty is long overdue for reform and why it:
has to be a good candidate for the most stupid, destructive and illogical of the UK’s many taxes
That case is even stronger today.
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