Stamp duty revenue 'up 40%'

Revenue from stamp duty levied on residential properties rose by 40 per cent over the course of 2006/07, Halifax has revealed.

The lender's study found that there has been a tripling in revenues from higher stamp duty bands since 2002, with revenue from properties worth more than £250,000 up by 208 per cent.

Stamp duty revenue across all residential properties rose by 140 per cent over the five year period and now stands at £6.4 billion for the 2006/07 year, the study added.

"We call on the government to raise all the stamp duty thresholds to reflect the increase in house prices over the past decade and to commit to doing so in the future," noted Martin Ellis, chief economist at Halifax.

The study comes as the shadow chancellor, George Osborne, has announced that the Conservatives would raise the income tax threshold to £250,000 for first-time buyers.

Mr Osborne has said that this would help nine out of ten first-time buyers – a claim that tallies with Halifax's research, which has also revealed that 89 per cent of first time buyers pay less than £250,000 for their first home. Chancellor Alistair Darling, however, has called such proposals "reckless".


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