HMRC’s preliminary analysis of the restructured SDLT rates on residential property introduced in December 2014 shows an estimated reduction of £657m in SDLT liabilities in the UK overall between December 2014 and December 2015. SDLT receipts on properties above £1m increased by around 15% on a flat or falling number of transactions. See www.bit.ly/1TQ5gUk.
The December 2014 reforms changed the residential stamp duty system from a ‘slab’ to a ‘slice’ structure. In a press release, the chancellor made reference to a recent IMF report which observed that the reform has ‘reduced distortions’ and is ‘a step in the right direction’.
HMRC’s preliminary analysis of the restructured SDLT rates on residential property introduced in December 2014 shows an estimated reduction of £657m in SDLT liabilities in the UK overall between December 2014 and December 2015. SDLT receipts on properties above £1m increased by around 15% on a flat or falling number of transactions. See www.bit.ly/1TQ5gUk.
The December 2014 reforms changed the residential stamp duty system from a ‘slab’ to a ‘slice’ structure. In a press release, the chancellor made reference to a recent IMF report which observed that the reform has ‘reduced distortions’ and is ‘a step in the right direction’.
