Claire Hanna
Social Democratic and Labour Party, Belfast South
To ask the Chancellor of the Exchequer, if he will extend the current nil rate band up to £500,000 on stamp duty land tax for a further 12 months.
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.
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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