New data released by HMRC shows that property buyers in the UK paid a record £16.9bn in stamp duty tax between April 2021 and February 2022, up £6.1bn on the previous tax year.
The record high figure, which exceeds the previous record of £16.4bn in 2017, was achieved despite last year’s stamp duty holiday.
HMRC also revealed that there was an increase in inheritance tax, income tax and national insurance receipts over the same period, as more people returned to work.
Helen Morrissey, a senior analyst at Hargreaves Lansdown, described 2001 as a “bumper year” for HMRC.
She said tax breaks, and a growing trend to find larger homes with more space, fuelled the increase in 2021 tax receipts.
“These factors kept the property market red hot until the end of the year,” Morrissey said. “However, whether the market can continue to maintain this momentum remains to be seen.”