We would encourage the Chancellor to consider again the negative impact these measures have on the UK property market and especially the additional 3% surcharge for buy to let purchasers which has put many investors off the property market, with a knock on effect of reducing the stock of rental properties available to tenants.
- At £8.32 billion, Treasury coffers netted £750 million less in residential SDLT (Stamp Duty Land Tax) receipts across England in the financial year to the end of April, compared to 2017/18. This is despite just 16,000 fewer transactions taking place.
- All regions witnessed a fall in receipts except for the East and West Midlands. The London market accounts for over half the fall, with receipts down by more than 10% over the year, the equivalent to £380 million.
- 45% of SDLT income in England and 38% of LTT income across Wales, is attributable to properties that were subject to the Higher Rate of Additional Dwellings tax, the 3% element accounting for a fifth of total receipts collected.
- Across England close to 214,000 first-time buyers benefitted from Stamp Duty Relief, a loss to the Treasury of over half a billion.
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