Submitted by Jonathan Steel on Tuesday 8th September 2020
Published on Thursday 1st October 2020
Current status: Closed
Closed: Thursday 1st April 2021
Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021
Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market
I am looking to move into a new build which is currently due to complete at the start of March 2021. If this build is delayed past 31st March 2021 then i will not be able to afford the stamp duty so will not be able to afford the house.
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The Government responded to this petition on Thursday 10th December 2020
The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The Government does not plan to extend this temporary relief.
The COVID-19 pandemic and subsequent lockdown caused uncertainty for those buying and selling residential property and property transactions fell by as much as 50 per cent during the first national lockdown. To stimulate immediate momentum in the property market and to support the jobs of people whose employment relied on custom from the property industry, the Government decided to introduce a temporary Stamp Duty Land Tax (SDLT) relief. This relief increased the starting threshold of residential SDLT from £125,000 to £500,000 from the 8 July 2020 until 31 March 2021. Since the relief was introduced, transactions have increased and seasonally adjusted data shows that in October 2020, transactions were 8% higher than October 2019.
As the relief was to provide an immediate stimulus to the property market, the Government does not plan to extend this relief. SDLT is an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.
The Government is committed to supporting home ownership and helping people get on and move up the housing ladder. When the SDLT Holiday ends, the Government will maintain a SDLT relief for first time buyers which increases the starting threshold of residential SDLT to £300,000 for first-time buyers that purchase a property below £500,000. In addition, a new Help to Buy scheme will be introduced from 1 April 2021. This scheme will run until March 2023.
All tax policy is kept under review and the Government considers the views it receives carefully as part of that process.
This petition was debated in Parliament on Monday 1st February 2021
184.108.40.206 Sat, 03 Dec 2022 03:15:43 +0000