NEWS

Stamp Duty Receipts in England And Northern Ireland Down 7% in 2018/19

Published:
28
November 2019

The Treasury’s take from stamp duty land tax fell by the largest amount since the start of 2008/09, government figures show.

In England and Northern Ireland, HMRC collected £11.94 billion in stamp duty receipts on completed property or land purchases in 2018/19 – a 7% decline on the previous tax year.

That represents the biggest drop since the peak of the recession in 2008/09, and was largely fuelled by a 10% fall in residential stamp duty receipts.

The Revenue puts that down to the introduction of a stamp duty holiday for first-time buyers and devolution of the property tax to Wales, which has been setting its own rates since 1 April 2018.

It estimated the drop in stamp duty receipts would have been significantly lower – at around 3% – if these two measures were not in place.

First-time buyers’ relief was introduced in November 2017, with all property purchases of less than £300,000 being exempt from stamp duty.

This stamp duty holiday applied in Wales for just over four months, before being replaced in April 2018 by the Welsh Assembly’s land transaction tax.

In Scotland, stamp duty was replaced on 1 April 2015 by landand buildings transaction tax.

UK Finance and the Treasury both refused to comment on themost recent findings.

Get in touch to discuss property taxes
Business news
Finsbury Robinson

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare.

Contact Us

Sign up to our
Monthly Business Newsletter

Sign up to receive our monthly Business Newsletter that will keep you up to date with everything going on in accounting, tax, and finance. 

Finsbury Robinson Services

Sign up to our Monthly Business Newsletter

Find News Articles by Category

© Finsbury Robinson Ltd 2019

Registered Company No.  04749693

News HomeLandlords
Stamp Duty Receipts in England And Northern Ireland Down 7% in 2018/19
Show/Hide
To get in touch use our Quick Contact Bar:

Monday                 8:30AM – 5:30PM
Tuesday                8:30AM – 5:30PM
Wednesday          8:30AM – 5:30PM
Thursday              8:30AM – 5:30PM
Friday                 9:00AM – 12:30PM
Saturday                                 Closed
Sunday                                   Closed

Finsbury Robinson
237 Westcombe Hill
Blackheath
London
SE3 7DW