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Stamp Duty Grab Hits £45Bn

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http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/10485137/Autumn-Statement-2013-Stamp-duty-grab-hits-45bn.html

The Government has collected more than £45bn in stamp duty receipts from British householders in the UK over the past decade, despite a fall in the number of people buying and selling homes.

Stamp duty land tax (SDLT) receipts raised by HMRC have increased 40pc since 2002-03, while transaction volumes have dropped 45pc from 1.7m sales 10 years ago to 928,000 in 2012-13. The fall is due to constrained mortgage lending and the fallout from the economic downturn.

In 2007, the then shadow chancellor, George Osborne, appeared to sympathise with those who had to pay stamp duty when he announced at the Conservative Party conference that any future Tory government would abolish stamp duty for first-time buyers on homes up to £250,000.

But it can now be revealed that the rate of increase in receipts has continued since the Coalition came to power in 2010. The Government has raised £16.6bn in SDLT since coming into office, according to research from the property advisers, Savills.

No wonder they are keen to get the house price escalator working again. Champers all round for fixing the economy...

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What I don't understand is why they have to keep taking money from us?

Remove the facility to create money from the bankers and let the government create it FOC.

All this market manipulation to get income is getting/got out of hand.

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