Stamp duty revenues hit £6.5bn

Latest figures show buyers of million-pound houses paid almost £2bn of stamp duty last tax year. The government raised a total of £6.5bn from residential stamp duty land tax in 2013-14, an increase of 31% year-on-year. “These figures should dispel the myth that high value property does not make a significant contribution to the tax take," said Lucian Cook of Savills. Addressing the Conservative Party conference, Boris Johnson bemoaned the cost of stamp duty for Londoners, after data revealed the average London homebuyer was hit with a stamp duty bill of almost £16,000 in the year to April – more than three times the national average of £5,200. Paula Higgins of the Homeowners Alliance echoed Mr Johnson’s comments, warning that the majority of people across the capital are now paying “silly amounts in tax - £15,000 to £30,000 on average - to own a home.”