Black hole in public finances

Black hole in public finances



The collapse of the housing industry, and subsequent fall in stamp duty receipts and capital gains tax on sales of homes, along with an increase in the number of those no longer qualifying for inheritance tax, will result in a £15 billion black hole in public finances, economists have warned. And losses to the Treasury could ‘roll on’ for years as the property market is unlikely to bounce back to 2014 levels in the short term.