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Third of UK stamp duty comes from £1m-plus homes


Expensive properties accounted for 1.6% of sales last year but put £2.6bn in public purse

However, an additional stamp duty charge amounting to an extra 3 per cent of the purchase price was applied to second and additional homes from April this year. Mr Cook said the effects of this change had not yet fed through to the data.

“We have seen a more noticeable impact on high-value transactions since these changes were compounded by the additional 3 per cent duty … and the uncertainty around Brexit. That means these figures don’t give the whole picture,” he said.

Berkeley Homes, which specialises in building expensive properties, has been especially vocal in seeking changes to the stamp duty system. It said this month that “transaction taxes were now too high, and this was restricting both mobility in the second-hand market and the pace of supply and delivery of new homes in London and the south-east”.

Overall, stamp duty receipts from home sales were down 2.5 per cent to £7.3bn, but the decline was mainly because Scotland no longer figures in the statistics after stamp duty was devolved to Holyrood. Like-for-like receipts were up about 1 per cent.

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