Stamp Duty Land Tax: Greater London

HM Treasury written question – answered on 16th September 2016.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty’s Government what assessment they have made of the impact of higher stamp duty costs on activity in London’s housing market throughout 2016.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

The housing market is affected by a wide variety of factors including exchange rates and the economic outlook. The Government continually monitors the housing market as part of the ordinary process of policy development.

At Autumn Statement 2014 the Government announced a radical reform of Stamp Duty Land Tax (SDLT) on residential properties, cutting the tax for 98% of homebuyers who pay it.

The Government believes it is fair that those who can afford to buy the most expensive properties contribute the most. Whilst the reform does increase the SDLT paid on the top 2% of transactions, this increase is small relative to the price of the property.

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