Official figures from HM Revenue & Customs have shown that the government will raise more than £12 billion from stamp duty and £3.6 billion in inheritance tax this year. Despite the increase from £120,000 to £125,000 in the March budget, the tax is still expected to hit even more homebuyers.
The predicted amount of stamp duty collected is £12.16 billion, up almost 12% on the figure of £10.89 billion for 2005/2006. Inheritance tax increased more slowly. T he latest estimate of £3.56 billion is up from £3.26 billion in the year 2005/2006.
Our view
It is interesting to note that this Government really has increased taxes on Mr & Mrs Middle England to fund its social policy at the bottom of the ladder' as well as it huge expansion of many 'non-contributing' public workers. Not that we are saying all are 'non-contributing', but many do not have to deliver as they do in the private sector.
You can legally reduce your Income, Capital Gains and Inheritance Tax liabilities with good advice.
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