HMRC have released key statistics in relation stamp taxes collected for the two main categories of ‘Land and property’ Stamp Duty Land Tax (SDLT) and ‘Stocks and shares and other liable securities’ Stamp Duty Reserve Tax and Stamp Duty (SDRT and SD).
SDLT data is also split by transaction type, property type, region, price band and buyer type, including transactions paying the higher rates on additional dwellings (HRAD), and those claiming the first time buyers’ relief.
Key Statistics
Stamp taxes receipts increased by 6% to £16,425 million between 201617 and 2017-18. Stamp taxes on shares (SDRT and SD) decreased by 5% to £3,520 million; land and property stamp taxes (SDLT) increased by 10% to £12,905 million.
97.3% of SDLT revenue in 2017-18 came from transactions in England (£12,565 million), with Wales and Northern Ireland accounting for 2% and 0.7% respectively. Within England, transactions in London contributed the most SDLT revenue (£4,860 million; 39% of total receipts).
SDLT receipts in England increased by £1,080 million (9%) compared with 2016-17. SDLT receipts increased in Wales by 24% (£50 million) and by 13% (£10 million) in Northern Ireland.
Transactions valued at £250,000 or less accounted for 61% of transactions, and 12% of total SDLT receipts in 2017-18. Properties over £1 million accounted for 3% of transactions and 44% of total SDLT receipts.
69,100 transactions claimed the new SDLT first time buyers’ relief in 2017-18, with an estimated £160 million relieved in total.
SDLT transactions and receipts by buyer type
The majority of residential properties are bought by individuals, although their share has fallen from 91% in 2016-17 to 90% in 2017-18.
The share of non-individuals (e.g. companies, public sector bodies and financial institutions) increases with price, with 21% of residential properties over £2 million purchased by this type of buyer.
The amount of SDLT from non-natural persons (companies, partnerships and collective investment schemes) paying the 15% rate of SDLT on residential transactions has increased by over 300% in the past year, increasing from £25 million in 2016-17 to £105 million in 2017-18.
The majority of non-residential transactions are by non-individuals, and their share has increased from 71% in 2016-17 to 72% in 2017-18.
Non-individuals accounted for 95% of non-residential transactions over £2 million in 2017-18.
Hammad Baig can assist with issues relating to SDLT.