Lower stamp duty rates could increase treasury tax

Mullucks Wells, a estate agent in East Hertfordshire and West Essex, believes that the new Government to apply the same logic to Stamp Duty on property purchases that historically has been applied to Corporation Tax.

Residential Director, William Wells, says that as the rate of Corporation Tax in the UK has come down over the years, the amount collected by the revenue has actually gone up.

He explains: “It sounds counterintuitive, but it’s true. The lowest ever rates of Corporation Tax have led to the highest ever amount of income for the Treasury – currently standing at £56bn. This is because low Corporation Tax encourages companies to come here, hire staff, and do business – all of which means the amount of tax collected actually rises.

You can read the full article published in Property Reporter 

Image credit:  Drew Beamer on Unsplash

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