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SDLT Receipts Fall
The past year has presented unprecedented challenges, with the COVID-19 pandemic affecting various sectors of the economy. However, the property market has showcased resilience, with notable developments in Stamp Duty receipts.
Stamp Duty Receipts: The Highs and Lows
- The Lowest in Eight Years: The Chancellor netted £8.7 billion from residential Stamp Duty receipts during 2020–21, marking the lowest collection in eight years.
- A Historic Month: March 2021 turned out to be the fifth highest month ever recorded for receipts, as the market witnessed a collection of nearly £1.2 billion.
- A Yearly Increase: This amount was up 28% year-on-year, reflecting the scramble to complete property purchases before the original deadline for the Stamp Duty Holiday.
Factors Affecting SDLT Receipts
- A Decrease Year-on-Year: Total Stamp Duty Land Tax (SDLT) receipts for the year to March were £2.9 billion lower (a 25% drop), a significant change from the previous year.
- Enforced Closure and Threshold Change: The enforced closure of the market due to lockdowns, and the subsequent increase of the 0% threshold to £500k, were key contributing factors to this decrease.
The Resilient Property Market
- Covid-Resilient Sector: Alongside education, the property market has proven to be one of the most resilient sectors during the pandemic, according to data released by the ONS.
Conclusion
Though residential tax receipts have fallen, the property market's performance in March and its overall resilience during the pandemic paints an optimistic picture. As the world continues to adapt to new economic realities, the property market remains a dynamic and significant part of the UK's financial landscape.
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