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Stamp duty received by HMRC up 11%

The total amount of stamp duty collected in 2016-17 was £15,480m, according to HMRC statistics released today.

The figure is an 11 per cent increase on the previous year and includes the two
main categories of ‘land and property’ and ‘stocks and shares and other liable securities’.

Land and Property Stamp Taxes increased by 10 per cent to £11,766mn in 2016-17, while 2016-17, SDLT receipts in England increased by £1,015mn (10 per cent) compared with 2015- 16.

SDLT receipts increased in Wales by £55m and by £15m in Northern Ireland.

HMRC says the increases are associated with the introduction of the Additional Properties rates.

The mean value of residential property transactions increased from £272,000 to £275,000 in 2016-17. The mean amount of SDLT received per residential transaction increased by 27 per cent to £7,900.

Chairman of Jackson-Stops chairman Nick Leeming says: Prohibitive levels of stamp duty land tax have been a real drag on the UK property market over the last financial year. It came as no surprise that the additional 3 per cent stamp duty surcharge on second home purchases had an immediate impact in April 2016, with the UK Property Transaction Statistics showing transactions fell dramatically on the month. Yet, today’s data provides a clear indication that the market still has a long way to go to get back to the activity levels we were witnessing in 2015-16.”

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