The record for the largest amount of stamp duty collected in one month was broken in September with a record-breaking £1.32 billion, say leading tax and advisory firm Blick Rothenberg.
Sean Randall the firm’s stamp duty expert said: ‘Almost twice as many house and flat sales completed in September than would normally complete in that month of the year, 165,720. This and the reduction of the stamp duty holiday have contributed to a £1.23 bn windfall for Rishi Sunak.’
He added: ‘The extent of the frenzy to complete sales before the loss of the holiday is evident. However, the figures for October should make sober reading, as they are expected to show that the holiday has accelerated the timing of sales rather than increase the number.’
Paul Haywood-Schiefer, senior tax manager at the firm said: ‘HMRC receipts have really bounced back from the Covid downturn. Total receipts in the 12 months to October 2019 (pre-Covid) were £632bn, after a sharp fall to £562bn in the year to October 2020, they have now risen again to £683bn, an increase of 21.6% (£121.4bn) in the last 12 months.’
He added: ‘These figures have been buoyed by a recovery on income tax receipts (now £214bn in the last 12 months) which themselves are up 16.8% (£30.9bn increase), and of course the VAT receipts up 67% from the previous 12 months (£152.6bn from £91.3bn so a £61.3bn increase) but, which were significantly affected by the Government allowing deferrals during March – June 2020, hence the huge percentage rise here.’