In the meantime, research from the Bank, based on official figures, shows that tax revenue raised from both stamp duty on residential property and inheritance tax attributable to housing wealth is estimated to have risen almost five-fold from £735 million in 1992/93 to £3,638 million in 2001/02.
Halifax calculates that the stamp duty threshold (currently £60,000) would be raised to £118,500 if it were increased in line with the rise in house prices since March 1993 – the last time that the threshold was increased. The inheritance tax threshold would be raised to £296,300 – some £46,300 higher than its current level (£250,000).
Martin Ellis, Chief Economist, said: "There is a growing number of homeowners who are facing a rise in their tax liabilities as the government continues to decline to index property related thresholds in line with house prices. We are pleased that residential properties will be included in this consultation exercise."
