Public Finances Receive Boost from Stamp Duties; MONEY, MONEY, MONEY

Western Mail (Cardiff, Wales), June 21, 2014 | Go to article overview

Public Finances Receive Boost from Stamp Duties; MONEY, MONEY, MONEY


STAMP duties rose by more than a quarter in May to PS1.2bn, helping to ease the strain on Britain's beleaguered public sector finances. Income from the tax rose by 28% compared to the same month last year, primarily driven by higher receipts from land and property transactions rather than share deals to which it also applies.

The Office for National Statistics (ONS) said public sector borrowing rose to a higher-than-expected PS13.3bn in May.

This sum, which excludes the distorting effect of bank bail-outs, was PS4.6bn up on the same month last year though little changed on an underlying basis.

Comparison was distorted by the effects of the Bank of England's quantitative easing (QE) asset purchase programme and receipts from taxes under an arrangement with Switzerland.

Taking out the effect of these measures which swelled the Treasury's coffers in May last year, borrowing was about PS200m, or 1.5%, lower this year.

Central government receipts on an underlying basis - excluding the Swiss tax arrangement and QE - were ahead by PS1.4bn.

Taxes on income and wealth edged ahead just 0.4% on last year to PS11. …

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