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  • Tax

    Landlords boost Treasury with 3% stamp duty



    Landlords may be complaining about the extra Stamp Duty charges but that doesn’t seem to be stopping people buying additional properties.

    Figures from HMRC on the number and value of transactions liable for Stamp Duty in the second quarter of 2017 show 213,700 transactions, up 8.7% on the first quarter of 2017 and 2.7% higher than the same period last year.

    Of this, 60,000 transactions fell into the additional property charge, up from 58,200 in the first quarter and slightly below the 62,900 at the end of the year.

    The overall Stamp Duty tax take was £2.3bn in the second quarter, up from £2bn in the first quarter of 2017 but the same as the end of last year.

    The additional Stamp Duty rate raised £503m from the total receipts for HMRC, up from £464m in the first quarter but slightly below the £525m taken at the end of last year.

    Most additional rate transactions took place in the bracket under £250,000, which some may consider typical first-time buyer properties, making up 39,000 of 115,300 sales.

    Full/source article - Property Industry Eye 

    SEE ALSO  -          What effect do you think Stamp Duty increases will have on property prices?

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    So we can say any hope of stamp duty going do will not happen

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    HMRC’s latest statistics reveal that the number of UK property transactions is on the decline, but Stamp Duty Land Tax (SDLT) receipts are still rising.

    A £1.3bn increase in the year to the end of February has taken receipts to just over £13bn in the last 12 months.

    Paul Haywood-Schiefer, assistant manager at tax advisers Blick Rothenberg, said: “The number of property transactions in the UK has declined, with 0.33% or 4,010 fewer transactions taking place in the last 12 months and with a decrease of 2.28% or 28,580 over the last two years.

    “However, SDLT receipts are still rising, with a £1.3bn (11.55%) increase in the last 12 months.

    “Much of that increase can be put down to the 3% surcharge on second and additional property purchases.”

    Frank Nash, partner at the firm, said:

    “Investors will be cautious around rising interest rates and reduced margins, but Stamp Duty is not itself a deterrent for investing.”

    Full/source article

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