23 Dec 2024Figures published recently by HMRC have shown that £1.31 billion was paid in Stamp Duty Land Tax (SDLT) in November. HMRC said that this amount was due to increased transactions and changes to policy. The stamp duty threshold is set to fall in April 2025, making more individuals liable to the tax. The exemption threshold for standard residential properties will reduce from £250,000 to £125,000 and for first-time homebuyers it will fall from £425,000 to £300,000. Experts have warned that the threshold changes will cause bills to rise and generate additional stamp duty charges for homebuyers. Meanwhile, HMRC's data also showed that inheritance tax (IHT) receipts reached £5.7 billion between April 2024 and November 2024. Tax receipt figures for other taxes revealed that £294.4 billion was paid in income tax, Capital Gains Tax (CGT) and National Insurance between April 2024 and October 2024.