HMRC: £1m+ properties hit hardest by stamp duty

John Hewitt Jones

September 30, 2016

stamp duty

Properties worth more than £1m generated 50% of stamp duty land tax revenues in 2015-16, figures published today by HMRC reveal.

This represents a clear increase from 2006-07, when properties in the same financial band brought in only 36% of the surcharge.

The number of residential and non-residential property transactions where the value of property was £250,000 or less has decreased from 81% to 65% between 2006-07 and 2015-16.

London compared to Vancouver

The proportion of total SDLT revenues from these properties has also fallen, from 19% to 8% – an expected outcome given high levels of house price growth in recent years.

Transactions valued over £5m generated 25% of SDLT receipts over the period. These largely represent non-residential sales.

A significant 46% of stamp duty receipts in 2015-16 came from London, where house prices have risen sharply.

One single London borough – Kensington and Chelsea – contributed 7% of revenues for the country, at £514m.