Reduce Stamp Duty for Families Moving Home

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Reduce Stamp Duty for Families Moving Home

Petition Details

Current stamp duty rates do not require first time buyers to pay any stamp duty for the first 300,000 of the cost of their home and 5% thereon. However, anyone who wants to move/upgrade their house has to pay substantially more even if it is their only home, restricting families wishing to move.

Additional Information

For house price of £500,000, first time buyers are only required to pay 5% of the amount between 300,000 and 500,000 I.e. £200,000 which is £10,000. However families wishing to upgrade are subjected to significantly higher rates. In this example, they will pay £15,000 in SDLT. With families moving for work & personal circumstances it is a considerable hindrance. Therefore, we request to review this law so that anyone owning one residential home is entitled to the same SDLT as first time buyers.

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