March was fifth biggest month for SDLT income

March was fifth biggest month for SDLT income

March 2021 saw the Treasury net it’s fifth biggest income since the introduction of stamp duty land tax (SDLT) in 2003, despite the holiday.

Receipts shows that March 2021 was 22% higher than March 2020. In the 2020-21 tax year, SDLT earned the Treasury £8.7bn, which further emphasizes the booming market following the coronavirus pandemic lockdowns.

These figures demonstrate that the SDLT holiday hasn’t been the only reason for buyers and sellers to take the plunge, as Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, alludes to:

 “These numbers are surprising but anyone in the industry will know how frenetic is has been over the past few months.

“The original March deadline for the holiday would have driven a lot of people to get their house moves through last month. That has clearly boosted activity across the market as these tax receipts indicate higher value homes, second homes and rental properties have been exchanging hands.

“As the holiday has been extended, we can probably expect to see this busy period continuing for a while.”

Jennifer van Deursen

Jen is the Senior Media Officer for Today’s Conveyancer, Today’s Wills & Probate  and Today’s Family Lawyer. Having gained a degree in Multimedia Computing, Jen fell into a content role after successfully applying for a job at Cheshire Police. During her 6-year service, she took on the role as personal Press Officer under the first Police and Crime Commissioner for Cheshire and worked in the busy press office for the force. Jen has experience in the marketing and communication sphere, which stems from her time in the public sector, private care sector and now here at the Practical Vision Network, where she can utilise her skills and challenge herself further.

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