Rachel Reeves humiliated as Stamp Duty raid backfires after nightmare exposed | Politics | News [Video]

Labour’s pre-Budget uncertainty has delivered a heavy blow to the luxury property market, with stamp duty revenues plummeting by £140million, according to an analysis.

The loss, which comes as a humilating blow to Chancellor Rachel Reeves, stems from a significant drop in high-value property sales, as nervous investors held back amid fears of sweeping tax changes, the Telegraph reports.

Between March and October, there was a shortfall of 107 property sales worth £5million to £10million and 35 sales over £10million, Knight Frank’s research found.

Tom Bill of the Knight Frank estate agency said: “There were so many question marks in the run-up to the election and Budget about how wealth and property would be taxed – capital gains tax, stamp duty and the small print surrounding non-doms.

Mr Bill noted that this uncertainty caused people to hesitate, “particularly at the higher end of the market.”

He added: “If you wished to assert there …