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Stamp duty tax receipts reach £14bn – HMRC

Stamp duty tax receipts reach £14bn – HMRC
Anna Sagar
Written By:
Posted:
January 22, 2025
Updated:
January 22, 2025

Stamp duty tax receipts between April and December 2024 have climbed to £14bn, according to the latest figures from HMRC.

HMRC said this was around £2.3bn higher than the same period last year, and the higher stamp duty receipts from October to December 2024 were “driven by increased transaction levels”.

The figures exclude land transaction taxes devolved to Scotland and Wales.

The stamp duty holiday, brought in during September 2022, is set to be reversed in April, meaning that buyers will have to pay stamp duty on properties up to £125,000 as opposed to £250,000.

The first-time buyer threshold of no stamp duty on properties up to £425,000 will also be removed.

Industry figures have said this could lead to a surge in transactions as people try to complete before the deadline, but some could be at risk of missing out.

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Last week, AMI and IMLA urged brokers to contact clients at risk of missing out on stamp duty savings to “prepare them for the worst-case scenario”.

Earlier this month, HMRC said that, on a seasonally adjusted basis, there were 92,640 residential property transactions in November, an 8% fall on October figures.

The HMRC said there had been a rise in property transactions in October, but by November, transaction figures had returned to former levels.