Property market restrictions during the lockdown period made a big dent in the Government’s Stamp Duty receipts, official figures show.

HMRC data shows just £548m was raised from Stamp Duty taxes in April as the taxman saw big drops in its overall tax take.

The Stamp Duty revenue was down 40.9% on a monthly basis and 43% annually.

It comes as HMRC figures showed the number of property sales halved during the lockdown period.

Sean Randall, a Stamp Duty expert and a partner at tax advisory firm Blick Rothernberg, suggested reform of the tax may be needed to boost the property market.

He said: “The Government’s monthly tax revenue statistics show the extent of the fall in property transactions during the full month of April and the possible longer-term impact to the Exchequer.

“Already, taking into account just one month of lockdown, the Stamp Duty revenue for the 12-month period ending last month has fallen by 6.32% compared to the same period last year.

“Our experience is that sector activity seems to be increasing, albeit from a low base, but we expect the drop in revenue for the 12-month period ending next month to be even greater.

“The latest figures probably capture sales pursuant to contracts exchanged pre-lockdown. If that is right, pressure will surely build on the Government for some type of Stamp Duty fix.”

Total receipts across all taxes collected by HMRC were down 42% annually in April, HMRC tax data shows.

The figures reveal that the taxman paid out more in VAT than it collects last month, which has been attributed to payment deferrals being granted to businesses during the coronavirus pandemic.

The table below from investment platform AJ Bell shows the drop in tax receipts last month.