Mayor of London calls for Stamp Duty revenue devolution

Main image: London's housing market generated over £3bn in Stamp Duty receipts last year, over two fifths of the England total • In 2016/17 Stamp Duty receipts from purchases of homes in London generated £3.4 billion for the national exchequer, down slightly from 2015/16 but a vast increase from a low of £96 million in 1992/93, even after adjusting for inflation. • Stamp Duty receipts in London have increased in the last decade due to a combination of higher prices and a higher effective tax rate (see next chart), with Londoners consistently paying higher rates due to the nationally-set thresholds and rates. • London's share of the total national receipts fell from 47% in 2015/16 to 41% in 2016/17, due to faster price growth and higher transaction levels in other regions.