HMRC in £1bn stamp duty blunder
Embarrassment for government as it overstates stamp duty
HM Revenue & Customs has embarrassingly revealed that it overstated the
stamp duty paid by homebuyers by almost £1bn.
The taxman had previously claimed that families buying property paid £5.5bn
in duties each of the past two years.
It has since revised this figure to £4.6bn.
HMRC stood by its previous total stamp duty estimate of £10.9bn in 2005/2006,
but said that much more of this amount than was originally thought was paid by
businesses than by homeowners.
When revised, the figures reveal that property stamp duty paid by companies
in the past year has risen 75% to £2.9bn.