Duty rethink hits prime markets and tax take

The increases to stamp duty on expensive homes and second properties introduced by former chancellor George Osborne have led to a slowdown in London’s prime market and a fall in tax revenues for the Treasury, the Times reports. HMRC figures show that £1.987bn was raised in the second quarter of this year from receipts in England and Wales, less than the £1.999bn recorded in the third quarter of 2015, before Mr Osborne introduced a 3% surcharge for second homebuyers and landlords. This followed a December 2014 increase in taxes for the most expensive properties, from 7% to 12%.

The Times (03/08/2018)