The petition to extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021 – HAS HAPPENED
WATCH the debate below!
The government’s written response from December 2020 is below.
An e-petition was created and received over 140,000 signatures to discuss the possibilities of extending due to the current climate. Watch the video now to see what was discussed and how it may effect you.
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.
The pressure on Rishi Sunak is still evident so watch this space to see how this continues to progress.
Even if the stamp duty freeze is lifted on March 31st that is no reason not to sell your home.
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