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Sharp rise in Stamp Duty receipts

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21/08/2014
The amount of revenue generated by Stamp Duty has risen dramatically against last year, figures from HM Revenue and Customs (HMRC) have shown.

HMRC statistics showed income so far this financial year is 26.5% higher than 2013 with £3.7bn in receipts since April.

Taxes from land and property were 34% above last year due to higher prices and volumes for both residential and non-residential properties.

Additionally the number of property transactions has risen by 13.5% compared to the same month last year.

The seasonally adjusted data showed 101,190 property transactions were completed in the month of July, well up on the same month in 2013 but 1.5% down on June’s figure.

In addition, 9,330 non-residential transactions were completed during the month.

HMRC said transactions had been flat since February, despite the market traditionally being strongest in the summer months.

Using non-seasonally adjusted data July saw more the most transactions of any month since November 2007, however HMRC said such figures were provisional and could be revised in due course.

England continued to dominate the transactions data with 8,340 completions in the last month. This compares to 900 for Scotland, 420 in Wales and 200 Northern Irish transactions.

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