Posted by Deborah North, Legal Executive
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Latest stamp duty figures are revealed
London is paying the lion’s share of the UK’s stamp duty, according to the latest figures from HM Revenue & Customs (HMRC).
The tax authority’s official statistics show that revenues collected from the tax rose by 16 per cent during 2014-15, in part because of a boom in property prices.
But Chancellor George Osborne could face calls to make further changes to the tax, after it was revealed that a disproportion burden falls on the capital.
A record £3billion was raised through the city’s property transactions last year – which equates to around 40 per cent of all the money collected by the Treasury.
Westminster’s contribution alone was £487 million (six per cent of all residential sales) while Kensington and Chelsea was not far behind with £451 million.
Lucian Cook, director of residential research at Savills, said: “The figures reflect how high-value housing in London has become seen as a cash cow for the Treasury.
“The vast majority of buyers will pay less stamp duty but that puts even more emphasis on the top end of the market, which increasingly looks fully taxed.”
Mayor of London Boris Johnson also weighed into the row, with his office voicing concern that London’s housebuyers were contributing more than twice the amount of the South East – which had the second highest tax receipts.
At Royds, our residential property team has a wealth of experience handling transactions around London and further afield. For more information on the services we provide, please contact Deborah North or Relf Clark or visit.