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Gloucestershire Business News

Taxman's 'lucrative' stamp duty income

The Treasury has taken in a 'lucrative' £7.6 billion in Stamp Duty this year despite the Covid tax holiday.

Stamp Duty receipts for August were £910m. The total revenue from the beginning of the Stamp Duty holiday in July 2020 up to August 2021 was £12.3bn, according to analysis of HMRC receipts by Coventry Building Society.

The final phase of the Stamp Duty holiday - with the threshold having been decreased from £500,000 to £250,000 on 30th June - is due to end on 30th September.

Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, said: "Stamp Duty has continued to be a very lucrative source of income for the taxman, even with a large proportion of property purchases being exempt from it for over a year. Clearly, there's still a very healthy market for higher value homes, second homes and rental properties.

"There's still momentum in the property market with lots of people still looking to buy and the current starting point of £250,000, introduced in July, means people buying an average-priced home will now trigger a tax bill. The size of those bills and the number of people paying them will only increase once the holiday ends in full on 30th September.

"With the Budget just a few weeks after the holiday ends, it could be the right time to look at a higher Stamp Duty threshold to ease the burden from average homeowners, which wouldn't make much of a dent in revenue for HMRC."

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