The total tax take from April to July 2024 is up to £277.7bn, exceeding the same period last year by £5.6bn, with July’s total receipts reaching £82.5bn.

Stamp duty land tax (SDLT) take is back on the rise with £ 1.18bn being paid in July, and £6.6bn since April. This is the most paid in one month since December 2022 when £1.42bn was paid. 2022 saw huge levels of SDLT paid with February being the month with the least amount taken (£1.186bn).

The tax take will increase further once property purchasers have to start paying SDLT again on any property bought for over £125,000 from March 2025.

Additionally, first-time buyers will have to pay SDLT on houses bought for anything over £300,000, a drop from the current £425,000. It is predicted these changes will double the tax bill of an average priced home to £5,268.