Revenue generated by stamp duty on residential properties increased by 40 per cent in 2006-07, it has been claimed.
Citing figures produced by HM Revenue & Customs, Halifax reports that over the past five years residential stamp duty revenue has risen by 140 per cent, having increased from £2.7 billion in 2001-02 to £6.4 billion in 2006-07.
Martin Ellis, chief economist at Halifax, said stamp duty revenue has "soared" while the government has "failed" to connect the duty's thresholds to house price inflation.
"We call on the government to raise all the stamp duty thresholds to reflect the increase in house prices over the past decade and to commit to doing so in the future," he remarked.
The research from Halifax comes as the Conservative party unveiled plans to amend the stamp duty threshold.
Shadow chancellor George Osborne said the basic threshold would be raised to £250,000.
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