£3m. fall in document duty receipts
ALMOST £3m. was wiped off the amount raised through document duty by the dramatic downturn in the housing market.
Policy Council figures recently revealed local market house sales have plunged to their lowest level this century and prices have tumbled by 3.8% – the fastest drop for two years.
A Treasury and Resources spokeswoman said the housing market 'generally reflects' wider economic conditions and can be 'cyclical and volatile'.
'As set out in the 2014 Budget Report, the estimate for 2013 document duty income was cut from £18m. to £14.25m., although the out-turn figure looks set to exceed £15m. This reduction contributed to the increase in the anticipated transfer from the Contingency Reserve (Tax Strategy).'
In total 706 houses were sold last year, the lowest number since figures were first produced in 1999.
