Stamp duty take hits ‘surprising’ high in March — Coventry BS

Stamp duty take hits ‘surprising’ high in March — Coventry BS

 

“These numbers are surprising, but anyone in the industry will know how frenetic it has been over the past few months,” said Jonathan Stinton, head of intermediary relationships at Coventry BS (pictured).

The monthly take of Stamp Duty Land Tax (SDLT) was the fifth-highest since the levy was introduced in 2003.

SDLT receipts were 22 per cent higher compared to £928m in March 2020.

“The original March deadline for the holiday would have driven a lot of people to get their house moves through last month,” Stinton said.

“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 since been extended, we can probably expect to see this busy period continue for a while.

“Increased market activity is always good news for brokers, and we understand the need for speed when it comes to answering phones and dealing with queries,” he added.

For the tax year 2020-21, SDLT receipts totalled £8.7bn, down from £11.6bn in 2019-21.