The Negotiator: HMRC Reports Higher Property Tax Receipts
Wed 01 Oct 2014
An annual rise in property transactions contributed to a 3.2% increase in tax receipts in the last financial year to just over 494billion, according to HMRC UK Property Transactions Statistics.
The data shows that there were 110,520-101,190 residential and 9,330 non-residential - property transactions in July 2014. Although this figure is 1.3% lower than the total for June 2014, it does represent a 13.5% rise compared to the volume of property transactions in July 2013.
There were rises in most of the main taxes, with Stamp Duty Land Tax (SDLT), up 34.6% and VAT up 4.7%, being once again the stronger areas that show the economy is growing.
"The number of house sales may have fallen in the month to July 2014, but it still represents a steady and sustainable increase of activity when compared to the picture of a year ago," said Peter Rollings, CEO of Marsh & Parsons.