The incidence of transaction taxes: Evidence from a stamp duty holiday

• 成果类型: Article
• 署名作者: Besley, Timothy; Meads, Neil; Surico, Paolo
• 署名单位: University of London; London School Economics & Political Science; Bank of England; Centre for Economic Policy Research - UK; University of London; London Business School
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2014.07.005
• 发表日期: 2014
• 页码: 61-70
• 关键词: Tax holiday; Surplus incidence; Surveyor's evaluation

摘要

This paper exploits the 2008-09 stamp duty holiday in the United Kingdom to estimate the incidence of a transaction tax on housing. The average reduction in the after-tax sale price is found to be around 900 against the backdrop of an average tax reduction of about 1500 pound. While we estimate an increase in transactions of properties affected by the tax holiday around 8%, most of this effect appears to have reversed rapidly after the policy was withdrawn, suggesting mostly a short-term retiming of transactions. The findings are calibrated to a simple bargaining model to show they imply that about sixty percent of the surplus generated by the holiday accrued to buyers. (C) 2014 Elsevier B.V. All rights reserved.