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.”
