HM Revenue & Customs (HMRC) reeled in a record-breaking £1.2billion in Stamp Duty last month, from a total of 173,430 property transactions, according to the Taxman’s latest data.
The figures represent the highest Stamp Duty takings ever recorded in a single month, after landlords, investors and second home buyers settled their tax bills following the so-called ‘buy-to-let rush’ in March.
HMRC’s data also revealed a significant drop in residential property transactions since George Osborne’s second home Stamp Duty Land Tax (SDLT) surcharge took effect.
Transactions plummeted by more than 100,000 in April, following March’s colossal figures.
A separate study conducted by the Council of Mortgage Lenders (CML) showed that buy-to-let purchase mortgages were up 290 per cent in March year-on-year.
Experts have been keen to point out that Stamp Duty nets nearly as much for The Treasury as Inheritance Tax (IHT) and Capital Gains Tax (CGT) combined.