The tax break saw most buyers who purchased residential homes for £500,000 or less pay no stamp duty land tax until 30 June 2021, although landlords still had to pay the 3% surcharge.
HMRC collected £5.7 billion in stamp duty between April and July 2021, £2.2bn more than the same pandemic-affected period in 2020.
Unsurprisingly, July 2021 was the highest month on record for stamp duty land tax receipts after £1.3bn was collected from residential completions. Many of those July receipts related to June completions, due to the 14-day window in which stamp duty needs to be paid. From 1 July to 30 September 2021, a tapered regime saw no stamp duty paid on the first £250,000 of a residential property completion.
Now and until at least 31 March 2022, house buyers will pay stamp duty for purchases above £125,000 as the usual nil-rate threshold is reintroduced. The 2% tax rate which applies on the portion of the house price between £125,001 and £250,000 also returns after being omitted for the holiday.
Above that up to £925,000, the 5% tax rate applies. After that, the rate rises to 10% up to £1.5m and the 12% rate applies on the portion above £1.5m.