How much of our money went to the government in stamp duty tax this year?
PUBLISHED: 07:55 10 November 2020 | UPDATED: 10:40 10 November 2020
Home buyers in Norfolk paid out a total of £95 million in stamp duty on £5.4 billion worth of property.
ew figures released by HM Revenue and Customs show how much the tax cost people buying a home in the county.
It comes as the property industry is calling for an extension to the current holiday on the tax.
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The figures show 20,600 transactions over the past year in Norfolk generated £95 million, £20 million of which was from the sale of commercial properties such as shops, offices and agricultural buildings. The highest areas were North Norfolk, which generated £20 million purely for residential, and King’s Lynn and West Norfolk, also raising £20 million, which included £5 million for non-residential properties.
South Norfolk and Broadland were the next highest, with £15 million paid in each on stamp duty, both with £5 million from non-residential properties. Breckland and Norwich followed, both generating £10m in tax, half of which in both areas came from non-residential properties. Great Yarmouth raised the lowest amount, with £5 million stamp duty generated, all from residential properties.
Across England, residential and non-residential properties worth £406 billion changed hands last year, contributing £12 billion in stamp duty.
Typically, every home buyer must pay stamp duty on all properties for sale for more than £125,000 or £300,000 for first time buyers.
But in July, the Treasury announced a temporary stamp duty holiday to encourage people to buy houses in the midst of the coronavirus pandemic.
This applies for all sales of £500,000 or under, expiring on March 31, 2021 and the government said it would save buyers an average of £4,500 each.
Jan Hytch, chairwoman of the Norwich & District Association of Estate Agents is calling on the government to change the stamp duty deadline to be at the point of exchange, not completion, to ease the pressure on getting sales through.
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