Asset taxes revisited
Further to my earlier comment about a shift towards asset taxes, recent data show that receipts from residential stamp duty rose 31% in 2013-14 from the prior year to £6.5 billion. This indicates quite how important to the government taxes on assets are becoming in terms of revenue. This is especially true with income growth effectively flat-lining in real terms. Houses sold for £1 million or more generated almost £2 billion of that total.