Stamp Duty Land Tax: Coronavirus

Treasury written question – answered on 17th November 2020.

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Photo of Kevan Jones Kevan Jones Labour, North Durham

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of extending the covid-19 stamp duty exemption beyond 31 March 2021.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The temporary increase in the Stamp Duty Land Tax nil rate band was designed to create immediate momentum within the property market, where property transactions fell by as much as 50 per cent during the COVID-19 lockdown. The downturn in the market meant that the future was uncertain for many people whose jobs relied on custom from the property industry. There are already early signs that demand and transactions have increased, and are continuing to rise, since the increase to the SDLT nil rate band was announced in July.

As the relief was designed to provide an immediate stimulus to the property market, the Government does not plan to extend this relief and will continue to monitor the property market.

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