Property tax boosts HMRC coffers
Mon 30 Jun 2014
HMRC receipts have dramatically grown by 21 billion due to an exceptional rise in Stamp Duty Land Tax and more people being in employment. The latest HMRC Property Transactions statistics show that the (seasonally adjusted) UK count for April 2014 was 103,690 residential and 9,340 non-residential transactions. The estimate decreased by 1.2 per cent between March 2014 and April 2014 but this months figure is 30.8 per cent higher compared to the same month last year.
Chartered Accountants Blick Rothenberg LLP, Partner, Frank Nash, said, The HMRC tax statistics showed an extraordinary rise in NIC and SDLT revenues, which in the last quarter alone were 680m more (41 per cent higher) than that of the same three month period in 2013. The figures also indicated that HMRC has collected 100million from the Annual Tax on Enveloped Dwellings (ATED) for 2013/14, a third up on the budgeted amount of 75 million.
Peter Rollings, CEO at Marsh & Parsons, said, Consumer confidence in the economic recovery is brimming over into the housing market, and has pushed the volume of property sales in April up by almost a third from the same point last year. Thousands more first-time buyers have been able to take the plunge, feeling the benefits of low inflation, steady rents stronger wage growth and historic low interest rates.