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Stamp duty receipts fall by a £billion

The drop was from £12.9 billion in 2017/18 to £11.9 billion in 2018/19.

 

The fall in revenue can be attributed to less sales volumes in recent years and major changes to the buy to let market.  Landlords and would-be landlords have been severly impacted through higher taxation and changes to buy to let mortgages.

 

Donald Collins, Sales Director, comments on the news in our latest newsletter:

“Back in 2016, George Osborne tinkered with a system that was delivering in an attempt to drive even greater revenue out of the buy to let market.  The changes have had a complete reverse effect and if it wasn’t for the easy excuse of ‘brexit’ and whatever that means his work would surely go down as one of the worst governmental financial interventions in recent history."

We uncover more on this story in our latest newsletter to be released shortly, please email enquire@goviewlondon.co.uk to register for your copy or sign up via our website.

Stamp duty receipts fall by a £billion


Other News

Great accolade from All The Agents

  Our Ealing office won the best sales branch of the year for 2019 in the All The Agents awards.  All The Agents is the most reputable review platform for Estate Agents and to win this top award for the competitive W5 region is an amazing accolade.


Important Capital Gains Tax (CGT) change

Important changes are coming to Capital Gains Tax (CGT) from the new tax year that clients should be aware of. From 6 April 2020, CGT incurred following the disposal of a residential property will have to be paid within 30 days of the completion date. At present tax payable is due by 31 January following from the allotted tax year. (Previously if you sold a property on 1 May you would have 20 months longer to pay the tax due). Furthermore, Private Residence Relief will be eroded from 18 months to 9 months (it was 36 months in 2014), and Letting Relief will only count if you were having a lodger in the period of question as opposed to renting the property out completely. Call us on 020 8992 0333 or email sales@goviewlondon.co.uk if you would like to discuss your options.


Happy New Year

Our community work reached new levels in 2019, and we are delighted to support a wide range of  community organisations and initiatives .