2021-22 was a record year for Stamp Duty receipts

The Treasury received £14bn in Stamp Duty revenue in the 2021-22 tax year, the highest on record, according to the latest HMRC receipts.

Analysis of the official data by Coventry Building Society also shows last month’s receipts were the second highest on record at £1.3bn, surpassed only by the £1.7bn raked in by the Treasury in December 2021.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The Stamp Duty holiday periods over the past year distorted the market and created a surge in market activity, helping to push house prices higher and ultimately returning even larger amounts to the Treasury than ever before.

“The numbers for March are no surprise as we have seen an extremely busy 2022 so far with momentum in the property market continuing despite Stamp Duty rates having returned to normal since October.

“We still expect Stamp Duty receipts will return to the long term trend of steady increases over time in the coming months. And, with average house prices still on the rise, the Treasury will continue to bring in billions, adding substantially to the cost of moving home.

“What’s even more apparent is the need for Stamp Duty to be properly reviewed and hopefully reformed as it is a huge burden on housebuyers with the average home in England (£296,000) costing a typical home mover £4,800 in taxes and £13,680 if it is a second property.”

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