Stamp Duties

Treasury written question – answered on 24th February 2021.

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Photo of Julian Lewis Julian Lewis Chair, Intelligence and Security Committee of Parliament, Chair, Intelligence and Security Committee of Parliament

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential effect of a cliff-edge ending of the stamp duty holiday on property sales and purchases that are currently underway and which fail to complete before the chosen deadline; and if he will make it his policy to reintroduce that duty in graduated phases when the stamp duty holiday ends.

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 in March.

The Government is monitoring delays in the buying process closely. As the relief was designed to provide an immediate stimulus to the property market, the Government does not plan to extend this relief.

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