Stamp Duty Land Tax: Suffolk

HM Treasury written question – answered on 1st December 2014.

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Photo of David Ruffley David Ruffley Conservative, Bury St Edmunds

To ask Mr Chancellor of the Exchequer, how many properties sold in (a) Bury St Edmunds constituency and (b) Suffolk County Council area attracted stamp duty land tax levied at (i) zero per cent, (ii) one per cent, (iii) three per cent and (iv) four per cent in each of the last three years.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

Estimates of the number of residential property transactions, rounded to the nearest 10, for Bury St Edmunds parliamentary constituency and Suffolk County Council are given in the following table, grouped by stamp duty land tax band.

Bury St Edmunds

SDLT Band

0%(1)

1%(2)

3%(3)

4%(4)

higher(5)

2011/12

440

1140

420

50

<50

2012/13

430

1150

390

50

<50

2013/14

430

1390

520

80

<50

Suffolk

2011/12

3570

6140

2000

350

50

2012/13

3590

6220

2140

350

50

2013/14

3950

7680

2650

460

60

(1) Threshold is £125,000 in all years. The temporary increase in the threshold from £125,000 to £250,000 for first time buyers between March 2010 and March 2012 is ignored.

(2) £125,001 to £250,000

(3) £250,001 to £500,000.

(4) £500,001 to £1 million.

(5) Above £1 million. This includes the 5%, 7% and 15% bands. Due to tax payer confidentiality more detailed information cannot be provided for the higher bands.

Transactions with a value under £40,000, the current stamp duty land tax notification threshold, are excluded from figures for all years.

The number of transactions bearing stamp duty will be lower than the number shown in the non-zero bands due to various applicable reliefs, (e.g. disadvantaged area relief, group relief, registered social landlord relief). There are also some lease transactions which fall in the zero per cent band on account of consideration, but which bear stamp duty on the lease rental.

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