Income to the Treasury from Stamp Duty Land Tax (SDLT) receipts fell by 7.5%, the equivalent of £1 billion in the financial year to the end of March 2019.
Figures released by the HMRC indicate that although total tax receipts to the Treasury increased by 4.5% to £623 billion, income from SDLT fell to £11.9 billion from £12.9 billion in 2017/18.
The fall is undoubtedly due to several factors. Transactions in the year to the end of March across England and Wales were 1.1% lower than the year previously, sales volumes across London in 2018, the region which contributes the greatest proportion of SDLT, were down 9.5%.
Since April 2018, the Welsh Government has collected Land Transaction Tax (LTT) as opposed to the treasury receiving income from SDLT. It is estimated the Welsh Government have netted £295 million in LTT, including the higher rate of additional dwelling tax, in the year 2018/19.
The wellbeing of our clients, staff and their families - together with continuity of service to clients - is of paramount importance. Outlined below are the precautionary measures we have taken to minimise the risk to our clients, staff and others.
For more information click here