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Gideon
Has gone too far this time. If he had stuck to my recommendation in the link below then SDLT receipts would have probably increased. As it is, imposing 12% SDLT will kill the c£2m+ market and supress transactions (and encourage simple and legitimate avoidance that all SDLT advisers know about). As for the lower end SDLT decreases, this "saving" will go into the pockets of £250k and £500k sellers and other sellers over the course of a year or so in price increases. SDLT receipts are currently £1bn a month and I predict these will drop to nearer £800m a month within the next 9 months - costing c£2bn a year. https://www.accountingweb.co.uk/article/miliband-pledges-25bn-tax-packag...
Looks like my prediction was right
As also noted in this week's Tax Journal. See:
https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-...
Looks like my prediction was wrong (overly optimistic)
As monthly SDLT receipts are down over 30% from recent highs already. See:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
SDLT receipts still down around 30%
See:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
Gideon's decision to both reduce and increase SDLT rates has caused a loss of tax revenue higher than the mansion tax is expected to raise. I am surprised this is not being reported more widely.
"It was a very, very bad move"
Yes indeed. See:
http://www.bloomberg.com/news/articles/2015-08-07/taxed-out-of-mansions-...