Question to the HM Treasury:

To ask Her Majesty's Government whether, in reforming stamp duty land tax, it was their policy intention to reduce receipts and transactions in properties over £1million in 2016–17.

Housing market activity is affected by a wide variety of factors, of which Stamp Duty Land Tax (SDLT) is just one. The Autumn Statement 2014 reforms were introduced to reduce distortions and improve the fairness of the tax system. The reforms led to 98% of purchasers paying less, unless they are buying an additional property. The government believes it is fair that those who can afford to buy the most expensive properties contribute the most.

Overall, total residential SDLT receipts increased between 2015-16 and 2016-17.