Stamp Duty receipts fall by 5% after first-time buyers’ relief

HMRC has blamed market conditions and the first full year first-time buyer Stamp Duty exemption for a fall in receipts for the property tax.

Figures from the taxman show Stamp Duty receipts fell by 5.2% annually in 2018-19 to just under £14bn.

HMRC said: “Receipts in 2016-17 increased by 10.4% due to the introduction of higher duty rates on additional dwellings in April 2016 and which continued through 2017-18.

“In November 2017, the first-time buyer’s relief came into effect.

“In 2018-19 receipts fell by a further 5.2% due to a combination of market uncertainties and a full year of first-time buyer’s relief claims.”

HMRC added that its monthly data hasn’t seen a peak in receipts since December 2016, the year that the additional Stamp Duty rate was introduced.