Government gets £1bn windfall from Stamp Duty

The figures show stamp duty receipts rose last year in all regions of the UK apart from Northern Ireland.

The highest increase was in the East Midlands at 33.3% which raked in £240m followed by 32% in Scotland which brought in to the government £330m.

Stamp duty receipts increased by 27.7% in London and brought in a total of £1,980m.

The figures cover the period before the end of the stamp duty land tax holiday for first-time buyers.

Wendy Evans-Scott, president of the National Association of Estate Agents, said: “The government’s latest figures show it has received a windfall of £1bn on property transactions in the UK, at the same time as thousands of consumers are struggling to afford even the deposit for a home.

“Clearly, Chancellor George Osborne can afford to reinstate the first-time-buyer ‘holiday’ and help boost this vital part of the market, instead of taking the 22% increase in income from this unfair tax.

“The fact that stamp duty land tax is fluctuating regardless of the movement in the housing market shows it is an outdated tax that needs urgent reform.”