With a buoyant housing market coupled with changes to how landlords and second home buyers are taxed, the government has racked in over £11billion from SDLT (Stamp duty) over the last year.
Stamp duty is clearly a big earner for the government. A house buyer purchasing their primary residence pay no stamp duty up to £125,000, 2% of the amount over £125,000 to £250,000 and 5% on the amount over £250,000. There are higher bands too, however, they are very rarely reached in East Norfolk and North East Suffolk.
However, purchasers buying properties that are not their primary residence get hit with another 3% levy at every stage. This would include buy to let investors and second home purchasers.
With the UK deficit on all parties mind with a general election forthcoming it will be interesting to see if there are any commitments either way with regards to stamp duty in the manifestos.