HMRC set to recoup over £8bn in SDLT
Despite the high profile Stamp Duty Land Tax (SDLT) holiday, data from HMRC Tax Receipts and National Insurance Contributions division shows that SDLT receipts were only 6% lower when comparing February 2021 to February 2020.
In February of this year, SDLT receipts were £775m. This was only £49m less than the same period the previous year when the figure stood at £824m. This figure demonstrates that people’s appetite to move wasn’t fully fueled by the SDLT holiday.
With this in mind HMRC is on course to recoup £8.2bn in stamp duty this year.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, says:
“The stamp duty holiday has really helped to fuel the market over the past few months. However, the average home buyer will not have contributed one penny in stamp duty.”
“These numbers are a sign of a healthy market across the board where higher value homes, second homes and rental properties are also changing hands.”