Nearly 40 per cent of SDLT raised during the quarter came from property transactions, which were subject to the 3 per cent surcharge for additional properties, according to government statistics, which only go back to the second quarter of 2008.

London-based accountancy firm said the figures confirm suspicions that the introduction of this measure was effectively an increase to SDLT rates “by the back door”.

“This is almost a 100 per cent increase on the position in Q2 of 2016, where the sales of second or additional properties only amounted 21 per cent of the total SDLT receipts. The likelihood is though that many of the sales of second or additional properties had been rushed through in March to beat the 3 per cent rise,” said Paul Haywood-Schiefer, assistant manager at Blick Rothenberg.

“Whilst Q4 of 2015 and Q1 of 2016 saw 112,560 more residential sales than Q2 and Q3 of 2016 (689,720 to 577,160), the tax receipts collected were £477 million less (£3,707m to £4,184m). It is clear that the additional 3 per cent is making a difference.”

SDLT is owed on property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties. It is paid on increasing portions of the property price.