First time buyers contribute to fall in stamp duty receipts
The government netted an estimated £1,883 million in residential SDLT revenue during the first quarter of 2018, £188 million less than last year, and the lowest quarterly takings in two years.
While sales volumes were just 2.2% lower than last year, net receipts fell by 9.1%. Without the addition of the 3% surcharge introduced in April 2016 receipts would have been at their lowest level since Q1 2015. This corresponds to the immediate period after the removal of the old slab system of residential taxation.
A significant proportion (62%) of the fall can be attributed to the 45,500 first time buyers who benefitted from stamp duty relief introduced in the autumn budget. To date 69,000 first time buyers have benefitted, each saving on average just over £2,304.
The HMRC also repaid £111 million to 8,800 purchases who originally paid the 3% surcharge for an additional property. Repayments are available to a purchaser who has sold their previous main residence within 3 years of paying the higher SDLT rates. To date over 27,000 repayments have been made, equating to just shy of 10% of the total 3% SDLT levy collected.
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