10:54 AM, 11th February 2019, About 3 years ago 9
Stamp duty receipts in decline in tandem with BTL
“Transactions have fallen by 2.6% in 2018 and now stand at just over 1 million. This compares with HM Land Registry data for 2018, which reports a 4% fall. On a more granular level, HRAD transactions, i.e. those which include the 3% additional duty, have been hardest hit, with a fall of 4.6%. Receipts have followed suit with transactions, which have fallen 8.5% overall. The receipts from the 3% additional duty (HRAD) have suffered the largest drop, falling 14.2%.”
Looks like Phil has an error in the formula of his spreadsheet as the Red Tories make an error that you would expect of a died in the wool socialist who doesn’t believe in the Laffer curve.
The Laffer Curve states that if tax rates are increased above a certain level, then tax revenues can fall because higher tax rates discourage people from working. Equally, the theory indicates that cutting taxes could lead to higher tax revenues.
Arthur Laffer presented the theory first to the US President Gerald Ford making and argument against tax increases. The Laffer Curve shows the ratios between tax revenue collected by the government and tax rates. The tax rates depicted on a Laffer Curve range from 0% to 100% with a optimum point of taxation inbetween declining curves of tax take that reduce to zero at 100% tax and 0% tax
The idea behind the Laffer Curve is that people will stop or be discouraged from working after a certain point because the tax rates will be too high.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|