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Stamp Duty holiday has cost government £530 million so far

Stamp Duty holiday has cost government £530 million so far

first_imgThe Government has been arguing for months that the Chancellor’s Stamp Duty holiday must end on 31st March because it needs to get its tax raising back on track.And that is borne out by the latest SDLT figures which show the Government’s revenues from the duty, which covers all types of property, were down by £530 million during the last three months of the year.This, it says, is due largely to the stamp duty holiday for residential properties; receipts for that part of the SDLT were down by 22% on the same period of 2019.This is because during the final three-month of 2020, 34% of residential transactions were liable for SDLT compared to 66% in Q4 2019.Price portionIt could have been worse, but happily for the Chancellor his Stamp Duty holiday only includes the portion of a home’s value under £500,000. Someone buying a £600,000 home, for example will still pay 5% Stamp Duty on the £100,000 over the £500,000 threshold, or £5,000.But after 31st March, if they still haven’t completed then the same buyers would pay £15,000, or £10,000 more in stamp duty.It is not surprising that the Stamp Duty holiday has been such a shot in the arm for the housing market which HM Treasury figures show, during the last quarter of 2020, were 43% higher than the previous quarter and 16% higher than the year before.“Today’s figures clearly show the positive impact the SDLT holiday has had for the property sector and the UK economy since its introduction.“I would therefore urge the Government to consider a more gradual approach to paring back SDLT relief,” says Nick Leeming, Chairman of Jacksons-Stops (pictured). Tax expert view“These statistics demonstrate what we have known for some time, that the lower end of the market – while responsible for the majority of purchases – has a smaller impact on the overall tax take. It also reiterates the need for some kind of move to avoid a stamp duty holiday cliff-edge,” says David Hannah, Founder and Principal Consultant of Cornerstone Tax.“Calls to make the holiday permanent or scrap the tax altogether seem unrealistic given the levels of public debt and the £12 billion tax take it generates each year, but having such a strict cut-off point, particularly in such a turbulent and difficult housing market and economic climate could result in a catastrophic drop in demand and prices.“Raising to the nil-rate band, to somewhere around £300,000, will benefit the majority of buyers without affecting a large amount in tax revenues, which is obviously key to the recovery of public finances.“These statistics demonstrate the importance of keeping the market moving to other sections of the economy and first-time buyers, those likely to spend less than £300,000, are the driving force behind this movement.“Home ownership is key to the UK economy, upward mobility and the aspirations of many that are currently struggling to get on the property ladder.“Not only this but making it easier to move house without being penalised for doing so will make it easier to move to areas of growth and where jobs are. Especially important as we see a de-urbanisation and migration away from cities in the wake of the pandemic.”Jackson-stops HM Treasury HMRC Nick Leeming sdlt stamp duty February 4, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Stamp Duty holiday has cost government £530 million so far previous nextHousing MarketStamp Duty holiday has cost government £530 million so farAgents wondering why Rishi Sunak hasn’t backed down on extending the scheme yet, should take a look at the latest HMRC figures.Nigel Lewis4th February 202101,416 Viewslast_img read more

Break Science Releases Chill Remix of Sonya Kitchell’s ‘Mexico’ [Listen]

Break Science Releases Chill Remix of Sonya Kitchell’s ‘Mexico’ [Listen]

first_imgAdam Deitch and Borahm Lee have done it again. Also known as Break Science, the dynamic duo have released a fresh new remix of Sonya Kitchell‘s “Mexico,”, from her January 2016 release We Come Apart. You might also recognize the vocalist from BreakSci’s 2013 album Seven Bridges, on “Breath of Space” and “Once In A While.”The vocals float upon a wave of synth-heavy, beat-breaking vibrations that bring you up in the clouds then straight back down to earth. Grab a pair of headphones and listen up for this one. The chill-factor is real. The impressive remix comes just a little over one month before Break Science heads to St. Augustine for a late night set at the inaugural Fool’s Paradise this April 1-2. The funk-fueled beach party includes Lettuce, GRiZ, Vulfpeck, Chris Robinson’s Soul Revue, The Nth Power, Goldfish, and more. Tickets are on sale now and available here. [Premiere via Dancing Astronaut]last_img read more

Mad River Snow Welcomes Wood & Wood Design as Partner

Mad River Snow Welcomes Wood & Wood Design as Partner

first_imgMad River Snow, Inc, welcomed Wood &Wood Design, a Waitsfield, Vermont specialty design firm, as a new partnerin its resort services business. Mad River Snow is a consortium created tooffer a single source for resort construction, interior design, wayfindingsystems, and signage to mountain resorts throughout North America. Theannouncement was made jointly today by Jeff Robinson, President of MadRiver Snow, and Sparky Potter, Owner of Wood & Wood Design.Wood & Wood specializes in designing resort interiors to maximize thefunction and profitability of profit centers, promote the use of resortamenities, enhance customer satisfaction, and increase the potential forrepeat business. The company also creates unique decorative art,furnishings, award winning way-finding systems and signage. Wood & Woodcreates a sense of place that is unique, ensures that resort guests getwhere they need to go, and gives them the information they need to enjoyeach resort experience.Wood & Wood joins current consortium members, Mad River Snow ofWaitsfield, Vermont and Maurer Construction of Penticton, BritishColumbia. Mad River Snow is a licensed general contractor and constructionmanagement firm with over 30 years experience in commercial andresidential construction. Maurer Construction offers more than 25 yearsexperience in log, post and beam, and timber frame construction. Together,the consortium designs and builds resort structures (base lodges,ancillary buildings, condominiums and single-family homes), interiors, andwayfinding systems with the aesthetic and functional requirements that areunique to resorts.last_img read more

Riverhead Teen Charged With Slashing Another

Riverhead Teen Charged With Slashing Another

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A teenager has been accused of slashing a 16-year-old boy at a deli in Riverhead on Saturday afternoon, Riverhead Town Police said.Jvon Creighton, 18, of Riverhead, got into a fight with the victim and allegedly cut the victim with a box cutter inside the Milly Deli & Cafe on Rail Road Avenue at 4:24 p.m., police said.Officers apprehended Creighton after a foot chase, police said.The victim was taken to Peconic Bay Medical Center, where he was treated for a non-life threatening laceration to his arm.Creighton will be arraigned Sunday at Riverhead Town Justice Court.last_img

CMPort to Buy Controlling Stake in Zhongshan Port Group

CMPort to Buy Controlling Stake in Zhongshan Port Group

first_imgHong Kong-listed port investor China Merchants Port Holdings (CMPort) has agreed, through its subsidiary, to buy a 51 percent stake in Zhongshan Port Group.Under a share purchase agreement, expected to be signed on September 13, 2017, CMPort’s Shenzhen Chiwan Wharf Holdings Limited would buy the share from Zhongshan Zhonghang Investment Development for a total of CNY 485 million (USD 74.1 million).The amount would be paid in two installments and funded by the internal resources of the group and external bank loan facilities.Zhongshan Port Group currently operates three port zones namely Zhongshan Port, Xiaolan Port and Shenwan Port in the Pearl River Delta region with a total of 23 berths in operation.CMPort said that the acquisition would further strengthen its port network and strategic synergy of port resources in the Pearl River Delta region.Following completion of the deal, Chiwan Wharf, Zhongshan Zhonghang Investment Development and Zhongshan District City Construction Investment Group Co (ZDCCI) will each hold 51 percent, 11.51 percent and 37.49 percent of the equity interest in the port, respectively.Earlier in September, CMPort entered into a deal to buy 90 percent of shares in Brazilian port operator TCP Participações S.A.With the acquisition of TCP, worth USD 923.7 million, the group aims to expand its business to the Latin America region and further consolidate its position globally.last_img read more

Melanie Adkins Miller

Melanie Adkins Miller

first_imgMelanie Kay Miller passed away Monday, May 15, 2017 at her home in Osgood. She was born on January 21, 1964 to the late Shirley and Marcella Adkins in Batesville, Indiana. Melanie has three children that survive; her daughter Jessica L. (Jeremy) Owens of Osgood and two sons, Joshua Cullen of Bloomington, IN and Jared Cullen of Greensburg, IN. Four grandchildren also survive, Deacon Pate, Landon Owens, Logan Powell and Evelyn Cullen. One brother preceded her in death, Stephen Adkins. She had lived most of her life in the Osgood area graduating from Jac-Cen-Del in 1982. The most important thing in her life was her family! They jokingly stated that she really did not like cooking but really did enjoy cooking for them especially her shepherd pie! She will be sadly missed by her friends and family. There will be no services. www.nealsfuneralhome.netlast_img read more

Local teams, runners win big at PVC cross-country championships

Local teams, runners win big at PVC cross-country championships

first_imgSEARSPORT — Local runners were among the top finishers in Saturday’s Penobscot Valley Conference championships in Searsport.Mount Desert Island won the Large-School boys’ meet with 34 points, and Ellsworth placed fourth of the nine point-accumulating teams with 130. Ponce Saltysiak and Jon Genrich placed a respective second and third for the Trojans, and the Eagles’ Calvin Nelson took seventh.The MDI girls breezed to the top spot in the Large-School meet with 30 points, and Ellsworth scored 65 to edge Caribou for second. Ellsworth’s Caitlin MacPherson finished in 22 minutes, 25.57 seconds to place third overall, and MDI’s Katelyn Osborne crossed the finish line in 22:59.03 to place fourth in the 56-runner field.All three of Hancock County’s Class C boys’ teams earned top-half finishes in the Small-School meet with George Stevens Academy placing second with 46 points, Bucksport taking third with 99 and Sumner claiming fourth with 162. GSA’s Clark Morrison finished as the top local runner with a fourth-place finish in the 68-runner field.This is placeholder textThis is placeholder textOn the girls’ side, GSA freshman Thea Crowley won her fourth meet of the year with a time of 21:08.73. None of the local teams entered enough runners to receive team scores.The next meet for Hancock County runners will be the Northern Maine championships at 11 a.m. Saturday, Oct. 26, at Troy Howard Middle School in Belfast.last_img read more