Huge cut in Stamp Duty, says the Telegraph
The reasons for the decline are unclear but today's Daily Telegraph reports on a huge collapse in Stamp Duty payments last year. It reports that home-owners paid just £5.5bn in 2004. Readers with long memories will remember I reported that the Telegraph claimed just over a year ago that the average higher-rate taxpayer (presumably referring to 2003) paid £7,500 in stamp duty per year.
Now there are roughly 3.3m higher-rate taxpayers in the UK, so the Telegraph was claiming that stamp duty payments were about £23bn in 2003. Here is a chart of this remarkable change.
Update: Of course I forgot non-higher rate taxpayers who probably account for another £3bn or so. So the Telegraph's reporting an even larger fall. Wonderful times.
posted by Matthew @ 11/02/2005 09:43:00 AM
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