HM Treasury collected almost £6.2bn in revenue from stamp duty land tax in the first five months of 2022, according to the latest government statistics.
This is a significant 47% increase on the same period last year, when the total raised was £4.2bn — according to analysis of HMRC receipts by Coventry Building Society.
Last year was a record year for stamp duty receipts, so this big jump suggests that 2022 could set a new record, generating another bumper payday for the Treasury.
Higher receipts are being driven by a buoyant housing market and rising prices, with threshold for SDLT remaining frozen.
Coventry BS head of intermediary relationships Jonathan Stinton says: “Last year was a record year for Stamp Duty receipts and it’s beginning to look like 2022 could top those levels. It’s good news for the Treasury but bad news for home movers and buyers who are seeing the costs of moving home rise relentlessly.”
He points out that house prices have risen significantly in recent years but the tax thresholds for moving home haven’t budged since 2014.
“Even the exemption for first time buyers looks less and less generous in many parts of the country. Last year’s Stamp Duty holiday showed that it’s possible to reduce the burden on homebuyers and still see a healthy return to the Treasury. And there are more creative solutions available, such as incentives for greener, more energy-efficient properties. Review and reform of Stamp Duty looks long overdue.”
This is the revenue from stamp duty land tax levied on property sales and excludes receipts from stamp duty on shares purchases.