You are here: Home -

Government took record level of Stamp Duty revenue in April

Written by: Christina Hoghton
The government received the highest Stamp Duty Land Tax (SDLT) revenue ever recorded for a single month in April, according to chartered accountants Blick Rothenberg LLP.

The government generated record Stamp Duty receipts of nearly £1.2bn of SDLT in April from a total of 173,430 property transactions in March, as landlords rushed to beat the deadline to avoid the Stamp Duty premium.

Nimesh Shah, partner at Blick Rothenberg, said: “It was inevitable that April would be a bumper month for SDLT revenue as buy-to-let investors scrambled to beat the new additional 3% SDLT surcharge. Changes in the tax system lead to behavioural change, and the advance warning by the Government that SDLT would increase for second purchases from 1 April 2016, is certainly evidence of opportunistic buyers wanting to beat the tax rise.”

Following the deadline, there was a drop of more than 100,000 residential property transactions in April (70,690) from March’s bumper figures (173,430). This is the lowest number of residential property transactions since February 2013 and the lowest recorded transactions for the month of April since April 2012.

Paul Haywood-Schiefer, assistant manager at Blick Rothenberg, explained: “With the rush to get these transactions completed in April, it is inevitable there will be a slowdown in the market in the months ahead. Following this major upheaval in the tax, it will be interesting to see how property transactions and SDLT receipts fare over the next few months as the housing market relaxes itself.”

“For now, the overall effect on the Treasury is positive, as SDLT receipts for the previous 12 months (£11bn) have totalled almost as much as Capital Gains Tax and Inheritance Tax put together (£11.7bn), and further demonstrates how the tax on property has boosted the Treasury revenues.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
FCA: Over 55s at heightened risk of investment scams

Worrying numbers of pensioners are leaving themselves open to fraud by turning to unregulated investment products in a bid for...