Here was a golden opportunity missed by the new Chancellor, to get the Residential Property Market off its knees, by reviewing the Stamp Duty Escalator, imposed by former Chancellor Osborne, in 2014.
According to the OBR (Office for Budget Responsibility), Osborne claimed that the Stamp Duty Receipts in 2014 i.e. £14.5billion would, as a result of his reforms, be £19.5billion in 2020, but instead, turned out to be a paltry £12.5billion.
In effect, that these measures cost the Treasury £1billion in lost tax and was an eye watering 50% prediction error, which is an unacceptable overstatement. Continue reading