Tax takes increases despite transactions remaining stable

The number of property transactions in the year to 31 July 2017 (1 204 730) was broadly the same as the year to 31 July 2015 (1 205 700) but stamp duty land tax receipts increased by 20% equivalent to an extra £2bn according to HMRC’s latest statistics.

Robert Pullen director at Blick Rothenberg said: ‘Some of this increase could relate to general property price increases but it is likely that most relates to the changes from 1 April 2016 which added 3% SDLT for purchases of additional residential properties.

‘The policy intention was always stated to be to realign the residential property market to make it fairer for first-time buyers. It is becoming clearer however that as prices continue to rise the measure has succeeded only in generating extra tax for HMRC as well as a sluggish...