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Stamp Duty drives mammoth increase in tax revenues

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  • 23/05/2014
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An exceptional rise in stamp duty land tax receipts and rising employment delivered the government a tax take of £21bn in the last 12 months.

London-based accountancy firm Blick Rothenberg confirmed this is 4.47% higher than the previous year and £680m up in the last quarter alone.

The statistics showed a 3.15% increase in PAYE receipts and 4.8% increase in National Insurance takings over the same period.

Frank Nash, partner at Blick Rothenberg, said: “The Office for National Statistics released figures last week showing that unemployment is at a five-year low of 2.21m, and so clearly the impact of more people in jobs is starting to come through in the PAYE and NIC figures, which are up just over £9bn in the past 12 months”

The figures also indicated that HMRC has collected £100m from the Annual Tax on Enveloped Dwellings (ATED) for 2013/14, which is a third up on the budgeted amount of £75m.

However, initial figures for April collections so far show only £40m collected for 2014/15 charge which was due by the end of that month.

Frank noted: “This will indicate either that residential properties are being removed from companies, which is what HMRC wants, or that further ATED charges have not yet been collected.”

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