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  • Tax

    Stamp Duty receipts decline along with BTL

    Recent analysis of HM Revenue and Customs’ Stamp Duty Land Tax (SDLT) statistics suggest the housing market is struggling with reduced transactions which is having a huge impact on the tax accrued by the government.

    According to NAEA Propertymark and their subsidiary firm LCP, tax receipts for England, Wales and Northern Ireland have plummeted considerably when compared with 2017’s figures.

    £8.7 billion was generated from tax receipts in 2018, this is £802 million less or a decrease of 8.5% when compared with the year before.

    The tax on Higher Rate for Additional Dwellings (HRAD) has also failed to balance additional taxes with continued growth in the sector. If anything, it seems as though the lost income suggests fewer people are purchasing additional dwellings as the £285 million fall in taxes equates to a 14.2% reduction from 2017.

    This reduced revenue also indicates a 4.6% fall in second home or additional dwelling transactions in 2018.

    https://www.todaysconveyancer.co.uk/main...ts-reduce/

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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.

    This is not a surprise. The policy was designed to rein in the supposed "excesses and bubble" of BTL landlords. It has certainly contributed to bursting the BTL bubble but for good landlords I am sure "excesses" can continue although no doubt a little smaller.

    Sadly I just cannot see the politicians ever having the political will to remove this additional SDLT for good.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022


    It is here to stay just like S24 !

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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.

    Only the govt would find this a surprise. Persistently attack a free and functioning market and it will stall and decline. Now they’re suffering with lower receipts but I don’t think they care - they have virtue-signalled to the haters and FTBs that they really are lefties who can be trusted to hit landlords. Sickening, and daft given the falling tax receipts.

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    Tax receipts down, homelessness up, transactions down, PRS shrinking  -  there has been far too much meddling by people who haven't a clue IMHO

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