HMRC got £13.5bn in stamp duty during holiday period

Jake Carter

October 21, 2021

stamp duty

The Treasury received £13.5bn in stamp duty revenue during the incentive period from July 2020 to the end of September 2021, according to analysis of HMRC receipts by Coventry Building Society.

Stamp duty receipts for September were £1.3bn, taking the total receipts for the year so far to £8.9bn, HMRC data showed.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Stamp duty has remained very lucrative for the taxman, despite a large proportion of property purchases being exempt from it for the last 14 months.

“The demand for higher value homes, second homes and rental properties has kept stamp duty revenue at a very healthy level.

“With the Budget just a few weeks away, there’s a real opportunity for the government to reshape the stamp duty system.

“Easing the additional financial burden would make a huge difference to home buyers, not just those looking for their first home but for homeowners wanting to downsize.

“And reducing the extra cost of stamp duty for these homebuyers would mean a more stable and predictable property market.

“We also expect this to be a ‘green’ Budget, with a very heavy focus on environmental issues across the board. We think that the proposal from the Green Finance Institute should be seriously considered by the Chancellor as part of his Budget plans, to encourage sellers to make green improvements to their properties, which would help reduce the impact of the housing market on the environment.”

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