Reeves's wealth raid backfires as stamp duty revenue drops £140m [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Nervousness around how the Chancellor would target wealth deterred investors from buying homes worth more than £5m, experts said. Research by Knight Frank, the estate agents, found there was a shortfall of 107 property sales worth between £5m and £10m between March and October. For properties worth over £10m, there was a shortfall of 35 sales. The loss equated to £140.3m in stamp duty revenue, Knight Frank said. It comes as Labour faces criticism for its failure to stamp out rumours ahead of the October 30 Budget around what could have been included. Reports ahead of the event speculated that Rachel Reeves was about to impose a number of drastic changes to capital gains tax, stamp duty and the non-dom regime. She also came under fire for repeatedly asserting there was a “£22bn black hole” in the country's finances – fuelling consumer pessimism Tom Bill, of Knight Frank, said: “There were so many question marks in the run-up to the election and Budget about how wealth and prop
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