HMRC makes stamp duty blunder
News Article - 04 October 2006
Category:
Business
It has been revealed that the government's prediction of the
stamp duty paid by homebuyers was off the mark by almost £1
billion.
HM Revenue and Customs has announced that buyers paid £4.6
billion in stamp duty, compared with the previously thought total
of £5.5 billion.
Sticking by its former stamp duty estimate of £10.9 billion
between 2005 and 2006, the department said that more was paid by
companies that previously thought.
Halifax chief economist Martin Ellis told the Telegraph he was
"extremely surprised and confused" by the alterations.
"They are very important figures because they should give us an
accurate measure of how much homebuyers are being charged for
moving house," he added.
The revised numbers show a total rise of 75 per cent in property
stamp duty paid by businesses.
HMRC attributed the figure revision to a new computer system which
provided the department which more accurate predictions of stamp
duty breakdowns.
According to HMRC, stamp duty on residential property is payable
on residences bought for more than £125,000.
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