HMRC has reeled in £670m from SDLT surcharge since April

New Government statistics suggest that HM Revenue & Customs (HMRC) has raked in approximately £670million from a three per cent Stamp Duty Land Tax (SDLT) surcharge introduced in April by former Chancellor George Osborne.

According to HMRC, there have been approximately 86,400 property transactions liable for the surcharge so far in 2016/17. These transactions have accounted for some £1,288million – £670million of which can be attributed to the additional three percentage point element of SDLT paid.

Data suggests that, in the third quarter (Q3) of 2016, approximately one in every four properties purchased was either a second home or a buy-to-let.

In Q3 alone 56,100 transactions were liable for the additional property surcharge – drawing in additional SDLT revenues to the tune of £440m.

The figures suggest that buy-to-let purchasers have remained relatively unfazed by George Osborne’s intended investor deterrent – which sees buyers who already own a property liable to pay an additional three per cent SDLT surcharge upon purchase of a second home.

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